U.S. GDP estimate revised downward for first quarter

(May 31, 2012) -- "The downward revision was more than accounted for by a smaller addition to growth from inventories that itself subtracted 0.4 percentage points relative to the advance estimate of overall GDP growth," said Janzen. "Along with a larger drop in government spending and a modest downward revision to consumer spending growth to 2.7 percent from 2.9 percent, this more than offset an upwardly revised 1.9 percent gain in business investment that was notably stronger than the 2.1 percent decline reported in the first estimate."