US GDP revised down to 2 percent rate in Q1

U.S. economic growth in the first quarter was revised down to a lackluster 2 percent — a sharp deceleration and the poorest showing in a year. But economists expect a significant rebound in the current quarter, forecasting a sizzling growth rate of 4 percent or more.

The Commerce Department says in its final estimate for the first quarter that gross domestic product, the country's total output of goods and services, was even weaker than previously thought. Lower numbers from consumer spending and business inventories trimmed 0.2 percentage points off last month's estimate that GDP had grown 2.2 percent in the January-March period.

But recent economic reports, including consumer spending, have looked strong and point to far stronger growth in the April-June quarter.