US growth data revised upwards

The US economy grew 1.3 percent in the first quarter of this year. The previous reading was recorded as 1.1 percent.

Consumer spending was revised at a higher rate to 3.8 percent, according to Commerce Department figures released on Thursday.

However, gross domestic income, an indicator of revenue and costs from the production of goods and services, declined 2.3 percent after falling 3.3 percent in the fourth quarter.

The report also showed that adjusted pre-tax corporate profits fell in the first three months of 2023.