The numbers: The U.S. grew economy grew a touch softer in the first quarter than originally reported, mainly because of a slower buildup in inventories. Gross domestic product was trimmed to an annual 2.2% pace from 2.3%.

Economists polled by MarketWatch predicted gross domestic product would be unchanged.

Adjusted corporate profits before taxes, meanwhile, fell 0.6% to mark the second straight decline.

The picture looked brighter for corporations after taxes. They paid $117.4 billion less to the government in the wake of the Trump tax cuts.

The government’s tax haul declined to annualized $328.2 billion from $445.6 billion. As a result, adjusted aftertax profits climbed 5.9%.

Also Read:Jobs report expected to point to better hiring — and increased interest rates

What happened: The big changes in first-quarter GDP took place on the business side. Fixed investment in things like equipment, structures and software was revised higher show a 6.5% increase instead of 4.6%.

Yet stronger investment was offset by weaker inventory growth. The value of newly added inventories was slashed to $20.2 billion from an original $33.1 billion.

The increase in consumer spending was lowered a notch to 1% from 1.1%.

Exports rose a bit slower at 4.2% vs. a preliminary 4.8%. The increase in imports was basically unchanged at 2.2%.

Big picture: In the big picture, the revised first-quarter report doesn’t change anything. All signs to faster growth in the spring, with economists predicting GDP is likely to top 3% for the third time in the past five quarters.

The big question is what do businesses do with all their tax savings. In the first quarter, about $3.4 billion was paid out in dividends to shareholders, but most of the rest of the money flowed into profits.

Also Read:U.S. trade deficit falls slightly in April

Republicans pushed tax cuts in hopes that businesses would use the savings to boost investment and improve the long-term prospects for the U.S. economy.

While businesses have increased investment in the past year, it’s too early to tell how much effect the Trump tax cuts will have. A lot is riding on the outcome, both economically and politically.

What they’re saying: “The revision to headline GDP growth was small, as were most of the revisions to GDP components. The standouts were weaker inventory investment – which was weak to begin with – weaker residential investment and stronger business investment,” said Chris Low of FTN Financial Group.

Market reaction: The Dow Jones Industrial Average DJIA, -1.92% and S&P 500 SPX, -2.37% rebounded in Wednesday trades, one day after a big selloff sparked by political turmoil in Italy that investors worried would spread to the rest of Europe and financial markets.