US first-quarter GDP revised sharply higher; consumer spending nearly stalls

The US gross domestic product (GDP) for the first quarter was revised sharply higher, but consumer spending nearly stalled. This was reported by Qazaqyia.kz citing Reuters.

The revised data showed the economy grew at a stronger pace than expected in the first quarter. However, the weakness in consumer spending points to uneven economic activity. Analysts attribute this to the impact of inflation and high interest rates.