U.S. economic growth revised lower to 2.7% for first quarter

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The U.S. economy grew at a 2.7% pace in the first quarter, an annualized rate that came in lower than what government forecasters had previously projected.
More than half of the GDP increase came from inventory rebuilding, a temporary factor.
The revisions to this final reading on first-quarter GDP only highlighted the unbalanced nature of growth as consumer spending was revised lower.
Final sales, which exclude inventories, increased at a 0.8% annual pace, revised down from 1.4%.
First-quarter growth, originally estimated two months ago at a 3.2% annualized rate, was revised down to 3.0% growth in last month's estimate. The revisions come from more complete data than were available at the time of the first and second estimates.
Growth in the first three months of the year decelerated from the 5.6% expansion in the fourth quarter of 2009.
The figures are seasonally adjusted and adjusted for price changes
The revisions to first-quarter GDP were in two major areas: consumer spending and trade.
Gross domestic purchases -- sales to U.S. residents -- rose at a 3.5% annual rate, revised down from 3.6%.
Corporate profits increased a revised $116.9 billion or a 8.0% quarterly rate, in the first quarter. This is up from the initial estimate of a 5.5% gain.
Profits generated by domestic financial corporations increased $11.2 billion, while domestic nonfinancial profits rose $79.6 billion.