Washington, DC CNN —The US economy expanded at a much faster pace in the first three months of the year than previously estimated, the Commerce Department reported on Thursday. Gross domestic product, the broadest measure of economic output, rose by an annualized rate of 2% in the first quarter, up from the second estimate of 1.3%. Consumer spending accounts for about two-thirds of economic output and the latest estimate incorporated data from the Commerce Department’s Quarterly Services Survey. The revised trade flows contributed positively to GDP, with exports rising more than previously estimated while imports were revised down. And consumers might spend a bit more as the still try to recoup lost time or secure purchases they previously weren’t able to.

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Persons: —, ”, Gregory Daco, Ernst & Young, “, Jerome Powell, Bill Adams Organizations: DC CNN, Commerce Department, Gross, Commerce Department’s Quarterly Services Survey, Ernst &, Fed, “ Consumers, Comerica Bank, CNN Locations: Washington