RTTNews - Economic activity in the first three months of the year contracted by less than previously expected, according to a report released by the Commerce Department on Thursday, although the report also showed a downward revision to the pace of consumer spending growth.

The report showed that gross domestic product fell at an annual rate of 5.5 percent in the first quarter compared to the 5.7 percent decrease that had been reported. The revision came as a surprise to economists, who had expected the drop in GDP to be unchanged at 5.7 percent.

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