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Economy

US first-quarter growth revised a touch lower

Updated : May 30, 2018 08:16 PM IST

Gross domestic product increased at a 2.2% annual rate, the Commerce Department said in its second estimate of first-quarter GDP, instead of the previously reported 2.3% pace.
The government reported that after-tax corporate profits surged at a 5.9% rate last quarter after increasing at a 1.7% pace in the fourth quarter.
That was the fastest pace of growth in profits since the first quarter of 2016 and reflected a boost from the reduction in the corporate tax rate to 21% from 35%.
US first-quarter growth revised a touch lower
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