U.S. Economy Grew Less Than Expected in First Quarter

Government data released Thursday showed the U.S. economy expanded less than initially estimated during the first quarter. A separate inflation gauge reached a three-year high in the same period, linked to developments in the Middle East.

The revised growth figure came after earlier estimates had projected a higher rate of expansion. Officials presented the updated numbers without naming specific causes beyond the data itself.

The inflation gauge rose to its highest level in three years.

The increase occurred alongside reported effects from the Middle East situation. No further details on upcoming data releases were provided in the report.