Reduction of Estimates for U.S. Economic Performance

The Bureau of Economic Analysis, part of the U.S. Department of Commerce, has reduced its estimates for U.S. Gross Domestic Product (GDP) growth to 1.3 percent year-on-year in the first quarter of this year. This adjustment is based on the second estimate, whereas the bureau had initially indicated that the U.S. economy grew by 1.6 percent in the first quarter of this year. Consequently, the U.S. economy has grown at the same rate (1.3 percent) for four consecutive quarters, falling short of expectations from experts and analysts.