US 1st Quarter GDP Revised Slightly Higher on Stronger Investment

Core inflation, a gauge that removes food and energy prices, was adjusted a bit lower in the second estimate.

A person walks down a street with shopping bags in New York on Nov. 29, 2024. David Dee Delgado/Getty Images

The U.S. economy contracted slightly less than initially reported in the first quarter, reflecting an adjustment to investment and consumer spending.

According to the second estimate from the Bureau of Economic Analysis on May 29, the first-quarter gross domestic product (GDP) growth rate was negative 0.2 percent, up from the initial reading of negative 0.3 percent.