US GDP growth revised up to 0.8% in first quarter

US gross domestic product expanded at a 0.8% seasonally adjusted annual rate in the first quarter of 2016, a little bit better than initially estimated 0.5% grow, the Commerce Department said Friday. Expectations were for a larger revision to 0.9% in the first quarter.

Economic activity expanded at a 1.4% pace in the fourth quarter of 2015.  On an annual basis, GDP grew 2.0% in the first quarter, exactly as in the fourth quarter of 2015.

PCE index, Federal Reserve preferred measure of inflation, was unchanged. The PCE index rose at a 0.3% annual pace.