The first look at Q1 growth
- Prior quarter was +2.9%
- Personal consumption 1.1% vs 1.1% expected
- GDP price index 2.0% vs 2.2% expected
- Core PCE price index q/q 2.5% vs 2.5% expected -- fastest since 2011
- Government spending +1.2% vs +3.0% in Q4
- Trade added 0.2 pp to growth
- Inventories added 0.43 pp
- Household consumption added 0.73 pp
- Nonresidential fixed investment added 0.76 pp (+12.3%)
- Investment in residential structures +12.8%
- Final sales +1.6%, slowest in 2 years
It was a slowdown from Q4 but beat expectations and as the strongest start to the year since 2015.
