Keeping Track ...

Downward revision

The US economy grew at a 4.1 percent annual rate in the first quarter instead of the 4.5 percent previously reported.

The revision left unchanged the impression of vigorous economic activity as Americans continue to spend lavishly and save less. The Commerce Department also reported last week that consumer spending rose 0.4 percent in April while the nation's savings rate dropped to a record low of minus 0.7 percent.