It was also less than economists were expecting. The revised GDP was forecast to have risen at a 3.3% rate in the first quarter, according to a consensus of economist opinion from Briefing.com.
The Commerce Department said personal spending, investment and export activity were fueling the economy. However, the government said these gains were offset by "negative contributions from state and local government spending and residential fixed investments," as well as increases in import activity.
Stocks slide on weak jobs reportGDP
