The second estimate for Q1 GDP was revised up to 1.3% (consensus 1.1%) from the advance estimate of 1.1% and the GDP Price Deflator was revised up to 4.2% (consensus 4.0%) from the advance estimate of 4.0%.
The key takeaway from the report is that consumer spending remained strong (+3.8%) in the first quarter in spite of the ongoing inflation pressures.