The US economy emerged from the first quarter in better shape than the initial data suggested and remains on a positive growth trajectory, Carlos Gutierrez, commerce secretary, has told the Financial Times.

His comments, in an interview, came as a final revision upgraded first-quarter growth to an annualised rate of 1 per cent and further reduced the contribution to growth from inventory accumulation. That makes it less likely that companies are now sitting on excess stocks, reducing the risk of a cut in production during the current quarter.