US first-quarter GDP revised higher as consumer spending picks up (opens original article in a new tab)

US first-quarter GDP was revised up to 2.1% annualized growth as consumer spending increased, while inflation rose to 4.1% year-over-year, the highest in over three years.

• US GDP revised higher to 2.1% annualized rate for first quarter
• Consumer spending accelerated in May with 0.3% increase
• Inflation rose 4.1% year-over-year, highest since April 2023
• Artificial intelligence-related spending drives business investment growth at 15.8%