First-quarter economic growth up 3.1%, better than Wall Street expected

Production worker Joseph Stanton works on the 10-speed transmission assembly at the General Motors Powertrain Transmission plant in Toledo, Ohio, March 6, 2019.

Rebecca Cook | Reuters

The U.S. economy grew by 3.1% to start the year, slightly better than expected and providing some relief at a time when recession fears are accelerating.

Gross domestic product beat the 3.0% Dow Jones estimate but was lower than the initial 3.2% projection from the Bureau of Economic Analysis. The decrease came due to downward revisiosn to nonresidential fixed and private inventory investment, two key drivers to GDP.

The new numbers, which represent the second reading, also reflect upward revisions to exports and personal consumption expenditures.

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