Despite the best growth reading in decades, the data missed expectations; according to consensus figures, economists were expecting to see robust growth of 6.8%.
At the same time the report said that the core Personal Consumption Expendatures Index , which strips out volatile food and energy prices and is the Federal Reserve’s preferred inflation measure, rose 2.3% in the first quarter.
However, trade was a drag on economic growth the exports fall 1.1% in the first quarter, compared to a 22% gain in the fourth quarter.
“Looking through these numbers, the underlying picture is even stronger than the headline.