U.S. first-quarter GDP revised to show slight contraction

A fairly stronger pace of consumer spending than previously estimated accounted for much of the upward revision. Consumer spending, which accounts for more than two thirds of U.S. economic activity, was revised up to 2.1 percent growth pace from the 1.8 percent rate reported last month. With personal savings increasing at a robust $720.2 billion pace, consumer spending could accelerate in the second quarter.

U.S. first-quarter GDP revised to show slight contraction source: http://finance.yahoo.com/news/u-first-quarter-gdp-revised-123253416.html