The numbers: The U.S. economy expanded at an annualized 6.4% pace in the first quarter unrevised from the prior estimate released last month, the Commerce Department said Thursday.
Economists polled by the Wall Street Journal were expecting a 6.6% rate.
While consumer spending was revised higher, this was offset in part by stronger import growth, the government said.
Big picture: Looking ahead, economists predict GDP will grow at an 8.2% annualized rate in the second quarter.
JP Morgan Chase & Co CEO
Jamie Dimon said Wednesday he thinks that the strength in the U.S. economy can last into 2023.
What happened: The price index for GDP rose 4.1% in the first quarter, the fastest pace since 1990.
Consumer spending was revised up to an 11% gain in the first three months of the year from the initial estimate of a 10.7% increase.
Adjusted pre-tax corporate profits were flat in the first quarter after a 1.4% decline in the final three months of 2020.
What are they saying? “Despite disappointing economic data in April, we still foresee the US economy’s first quarter bloom turning into a summer boom. For 2021, the economy will likely grow around 7.7% – its strongest performance since 1951 – with consumer spending advancing over 9.5% – a record,” said Gregory Daco, chief U.S. economist at Oxford Economics.
Market reaction: Stocks