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The U.S. Commerce Department released gross domestic product (GDP) figures on Wednesday. The U.S. final GDP declined 0.2% in the first quarter, in line with expectations, up from the previous estimate of a 0.7% drop.
The upward revision was partly driven by an upward revision to consumer spending. Consumer spending rose by 2.1% in the first quarter, up from the previous estimate of a 1.8% increase.
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