RTTNews - Economic activity in the first quarter contracted at a slightly slower than previously estimated pace, according to a report released by the Commerce Department on Friday, although the report also downwardly revised the pace of consumer spending growth in the quarter.

The report showed that gross domestic product fell 5.7 percent in the first quarter compared to the advance estimate of a 6.1 percent decrease. Economists had been expecting the pace of contraction to be revised to 5.5 percent.

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