First quarter GDP revised up as corporate profits give way ...Middle East

First-quarter gross domestic product (GDP) was revised up on Thursday as the long-predicted recession following the blistering economic recovery from the pandemic once again failed to hit the U.S economy. GDP was corrected up 0.2 percentage points to a gain of 1.3 percent in the first quarter, up from a previous estimate of 1.1 percent, according to the Commerce Department. Analysts are again ambivalent about what this means for the broader economy and the contours of the current business cycle. “The first quarter real GDP picture exemplifies [a] duality. Those seeing resilience in the economy will stress that while real GDP growth was soft at 1.3 percent in [the first quarter],

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