WASHINGTON, May 30 (UPI) -- The U.S. Department of Commerce revised its estimate of the first quarter's economic growth down to 2.4 percent Thursday.
In the first of three estimates, the department pegged the gross domestic product January through March as up 2.5 percent over the previous three months.
On Thursday, the department, using more complete data, revised growth to 2.4 percent, citing growth in private inventory investment, exports and imports as less than previously indicated.
Imports works against the GDP as they are considered a drain on the U.S. economy.
The department's second GDP report said, "The general picture of the overall economic activity is not greatly changed" from the advanced estimate released a month ago.
The department also released its first estimate of first quarter corporate reports, which fell $43.8 billion in the first three months of the year after climbing $45.4 billion in the fourth quarter.
Taxes on corporate income also fell, dropping $13.6 billion in the first quarter after falling $4.4 billion in the fourth quarter of 2012.
