Skyrocketing exports and strong consumer spending sent the government's estimate of the nation's total economic growth up a strong 3.9 percent in the first three months of the year, the Commerce Department said.
That is 1.6 percentage points more than the government estimated last month that the nation's gross national product rose in the first quarter and reflects a more than 350 percent upward revision in first quarter net exports and 11.4 percent upward revision in estimates for consumer spending.Despite the strong exports and brisk spending, inflation remains low, the department's Bureau of Economic Analysis said.
The entire output of the nation's goods and services was $3.918 trillion in the quarter.