Real gross domestic product accelerated in Q1/13, increasing 2.5% after increasing 0.4% in Q4/12, according to estimates released by the Bureau of Economic Analysis.
The pick-up in real GDP growth was largely accounted for by a rebound in inventory investment, mainly reflecting an upturn in manufacturing and a smaller decrease in wholesale trade. Farm inventory investment also picked up.
In addition, consumer spending accelerated, primarily reflecting a pick-up in spending for services (mainly household utilities), and exports rebounded, mainly due to upturns in foods, feeds and beverages and in non-automotive capital goods.
To read the full BEA news release click here.