The U.S. economic growth was retained at 6.4% in the first quarter of the year, according to the second estimate released by the Commerce Department.
- Upward revisions were made to the initial estimate in terms of consumer spending and nonresidential fixed investment.
- These were offset by downward revisions to exports and private inventory investment.
- At 6.4%, the growth in the first three months is the third consecutive quarter of expansion after rebounding in the third quarter of 2020.
- The economy shrank in both the first and second quarters of 2020, weighed down by the COVID-19 pandemic.
- The current-dollar GDP rose to $22.06 trillion. This reflects an annual growth rate of 11.0% or $566.3 billion.
- The third estimate on macroeconomic figures for the first quarter are scheduled to be released on June 24, 2021.