US Economic Growth for Last Quarter Is Revised Up to a Still-Tepid 1.3 Percent Annual Rate

American flags for sale are displayed in a Costco warehouse in Sheridan, Colo., on April 26, 2023. David Zalubowski/AP Photo

WASHINGTON—The U.S. economy grew at a lackluster 1.3 percent annual rate from January through March as businesses wary of an economic slowdown trimmed their inventories, the government said Thursday in a slight upgrade from its initial estimate.

The government had previously estimated that the economy grew at a 1.1 percent annual rate last quarter.