The good news is that bad news isn’t as bad as we thought. The Commerce Department this morning revised its final estimate of gross domestic product upward to 1.1 percent in the first quarter of 2016.
That final estimate is an improvement on the previous estimate, that the economy grew at a 0.8 percent pace. On the other hand, the 1.1 percent mark is still the weakest pace in the past year.
The main factors behind the upward revision: The U.S. exported more good and services than previously thought during the period. And companies spent more than initially estimated on software and research and development. But total business investment still declined compared with the prior quarter, falling at the fastest pace since the third quarter of 2009.