US GDP for 1Q 2020
The US advanced GDP data for the 1Q came in at +4.8% initially but the headlines were then corrected to read -4.8% vs -4.0% estimate.
- Personal consumption fell -7.6% vs -3.6% estimate
- Core PCE rose 1.8% vs 1.7% estimate
- GDP price index rose 1.3% vs 1.0% estimate
- exports -8.7%. Imports -15.3%
- business investment -8.6% versus -2.4%
- equipment -15.2% versus -4.3% 4th quarter
- business inventories cuts 0.53% from GDP
- X motor vehicles -4.4% versus +3.1% last quarter
- durables -16.1% versus +2.8% last quarter
The data signals the start of the recession. The worst is yet to come as GDP is expected to plunge in the 2Q by upwards of -him 20% to -30%
