1Q GDP for United States: 5.3%

As expected, annualized real GDP growth was revised up in the first quarter, to 5.3% from the advance 4.8% estimate last month. However, the upward revision was smaller than expected. The upward revision came from greater private investment and stronger exports; these were somewhat offset by downward revisions to personal consumption and investment in equipment and software. Profits from current production increased $116.5 billion at an annualized pace in the first quarter from the fourth, hitting another record.