Chart: U.S. economic growth since 2008

Data: Bureau of Economic Analysis; Chart: Chris Canipe/Axios

The U.S. economy grew at a 3.1% annualized rate in the first quarter of the year, revised down from the initial 3.2% estimate. It was a faster pace than the previous quarter's 2.2% and significantly more than the 2.1% economists were expecting, the Commerce Department said in April, thanks to strong exports and consumer spending.

Why it matters: Economists are less optimistic about what’s ahead for economic growth for the rest of the year, thanks to uncertainty about how the escalated U.S.-China trade war could impact business sentiment. The Atlanta Fed, for example, estimates Q2 GDP will come in at 1.3%, while JP Morgan says growth will be just 1% in the second quarter.

Go deeper ... Goldman Sachs: First quarter of 2019 is a "GDP pothole"