A new estimate says US real GDP decreased in the first quarter at an annual rate of 0.2%, revising an earlier estimate that cited growth of 0.7%, according to the US Bureau of Economic Analysis.

Real GDP rose by 2.2% in the fourth quarter of 2014.

Exports decreased less than previously estimated in the first quarter, while personal consumption expenditures and imports increased more.

Bloomberg reports today’s estimate matched the median forecast of 76 economists surveyed. Michael Feroli, chief US economist at JPMorgan Chase & Co. in New York, correctly forecast the GDP.

“What we are seeing here does validate the story that the first-quarter weakness was transitory,” Feroli told Bloomberg. “The consumer is coming back to overall decent growth.”

“The small first-quarter decline in overall GDP was driven by a number of factors including harsh winter weather and tepid foreign demand,” Jason Furman, chairman of the Council of Economic Advisers, wrote in a blog post on Whitehouse.gov. “However, the combination of consumption and investment — the most stable and persistent components of output — continued to rise at a robust year-over-year pace. This solid trend matches the strong pace of job growth and employment reduction observed over the last year.”

Growth in the staffing industry is strongly correlated with GDP growth, according to research from Staffing Industry Analysts.