US Q1 GDP growth revised down on softer consumption

America's economy grew more slowly than previously thought at the turn of the year on the back of softer consumption.

According to the Department of Commerce, US gross domestic product expanded at a quarterly annualised pace of 1.3% over the three months ending in March.

That was down from a preliminary growth estimate of 1.6%.

Economists polled by Dow Jones Newswires had forecast a reading of 1.2%.

Household consumption grew at an annualised clip of 2.0% during the first quarter, against a preliminary estimate of 2.5%.

On the inflation front, Commerce revised down its estimate for the first quarter core PCE price index from 3.7% to 3.6%.

Corporate profits meanwhile were reported at up by 3.2%, versus a 2.6% increase over the three months ending in December.

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