The U.S. economy contracted slightly smaller than initially reported in the first quarter, reflecting an adjustment to investment and consumer spending.
According to the second estimate from the Bureau of Economic Analysis on May 29, the first-quarter GDP growth rate was negative 0.2 percent, up from the initial reading of negative 0.3 percent.
The GDP adjustment resulted from an upward revision to gross domestic private investment, which includes spending on capital goods, new home construction, and changes in private inventories. Monetary policymakers and market watchers pay close attention to this statistic as it can reflect the underlying health of the U.S. economy….