U.S. Economy Grows More Than Previously Estimated In First Quarter

The Commerce Department reported that the U.S. economy grew slightly faster at the start of 2016 than previously estimated, according to ABCNews. The gross domestic product (GDP) grew at an annual rate of 1.1 percent in the first quarter. The agency previously estimated the economy grew at a 0.8 percent pace, reports The Wall Street Journal.

The source reports that the U.S. exported more goods and services than previously thought and companies also spent more money on software, research and development, leading to the increased revision.