The pace of growth in the economy in the first quarter remained unrevised at a 6.4% annual rate after the latest revision, the Commerce Department said Thursday.
Economists surveyed by the Wall Street Journal had forecast no revision.
Using more complete source data, the government found that upward revisions to business investment was offset by a larger trade deficit.
The economy is expanding at a rapid rate as more Americans feel comfortable returning to work and leisure activities. Federal Reserve officials see the economy growing at a 7% annual rate this year, the fastest pace since 1984.
The key question for policymakers and investors is whether the economy will maintain that torrid growth pace in 2022 and what happens with inflation. The Fed forecasts that growth will slow to a still solid 3.3% annual rate. The first estimate of second-quarter growth will be released at the end of July.
Stocks
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were set to open higher on Thursday as lawmakers appeared close to a roughly $1 trillion infrastructure package.
