First-quarter GDP expanded by 3.2% in the first quarter, the Bureau of Economic Analysis said. Economists polled by Dow Jones expected the U.S. economy had grown by 2.5% in the first quarter. It was also the first time since 2013 that first-quarter GDP topped 3%.

Disposable personal income increased by 3%, while prices increased by 1.3% when excluding food and energy. Overall prices climbed by 0.8% in the first quarter.

Net exports rose by 0.5% for the quarter while imports were up 0.6%. The first quarter marked the first time in three quarters that net imports increased; they declined in the third and fourth quarters of 2018.