Highlights of the second look at Q1 GDP
- First reading was +6.4%
- Final Q4 reading was +4.3%
- Personal consumption +11.3% vs +11.0% expected
- GDP price index +4.3% vs +4.1% expected
- Core PCE +2.5% vs +2.3% expected
- Full report
Details:
- Ex motor vehicles +6.5% vs +6.6% prelim
- Final sales +9.4% vs +9.2% prelim
- Inventories cut 2.78 pp from GDP
- Net exports cut 1.2 pp from GDP
- Govt spending adds 1.02 pp to GDP
- Business investment +10.8% vs +9.9% prelim
- Business investment in equipment +13.4% vs +16.7% prelim
- Exports -2.9% vs -1.1% prelim
- Imports +6.7% vs +5.7% prelim
- Home investment +12.7% vs +10.8% prelim
With the drop in inventories and the poor performance of trade possibly reversing later in the year, there will be a consistent tailwind for GDP for a few quarters.
