US first-quarter GDP revised sharply higher; but consumer spending nearly stalls

The official scorecard for the US economy was updated, revising the first-quarter GDP sharply higher. The economy grew at a 2.1% annual pace during the first three months of the year, an increase from the previously reported 1.6%. Despite this significant boost in the GDP figures, the reports indicate that consumer spending nearly stalled, suggesting that the upward revision is not necessarily positive news for the overall health of the US economy.