MW: Q1 GDP growth revised up slightly to 1.9% rate
By Greg Robb
WASHINGTON (MarketWatch) - U.S. real gross domestic product for the first quarter was revised to an increase of 1.9% annualized from the earlier estimate of a 1.8% rise, the Commerce Department said Friday. Economists surveyed by MarketWatch expected first-quarter growth to be revised to a 2.0% rate. Economists are gloomy about the second quarter, where high gasoline prices and supply disruptions from Japan's earthquake are expected to dampen growth. At the moment, economists polled by MarketWatch expect only a slight acceleration in growth to a 2.3% rate in the April-June quarter. The revision to first-quarter GDP was largely due to a downward revision to imports and a stronger inventory buildup. A key measure of inflation was revised higher. Core prices increased 1.6% in the first quarter, up from 1.4% reported earlier. Corporate profits before tax were revised higher. Corporate profits before tax increased 7.8% quarter-to-quarter, down from the 6.3% reported earlier.
