The economy likely was not as weak as reported in the first quarter, with data released yesterday showing slightly stronger consumer spending than previously estimated. The U.S. Department of Commerce’s quarterly services survey showed consumption, including health care spending, rose at a quicker pace than the government had assumed in its second estimate of gross domestic product published in May. First-quarter GDP could be revised to show it contracting at a pace of about 0.2% instead of the 0.7% pace of decline the government reported last month.
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