The US economy was better than we thought in the first quarter

US economic growth was betterthan first estimated in the first quarter, according to the Commerce Department.The second estimate of Gross Domestic Product (GDP)was 0.8%. Economists had forecast an upward revision to0.9% from 0.5%, according to Bloomberg. The advance estimate was the weakest pace in two years.Personal consumption rose 2.1%. It was expected to be revised higher to 2.1% from 0.7%.The Commerce Department isreleasing the revised numbers armed with more comprehensive data.The big focus Fridayis on Federal Reserve chair Janet Yellen, who will speakat 1:30 p.m. ET. Some members of the policy-setting committee have attributed the slow pace of growth in the first quarter to temporary factors, as they look ahead to their June meeting when they will seriously debate raising interest rates for the first time this year.Refresh this page for updates ...SEE ALSO:BATS CEO: Too many companies are harming the stock market by refusing to do one thingJoin the conversation about this storyNOW WATCH: FORMER GREEK FINANCE MINISTER: The single largest threat to the global economy
Click here to read full news..