by Calculated Risk on 4/28/2022 08:35:00 AM
The decrease in real GDP reflected decreases in private inventory investment, exports, federal government spending, and state and local government spending, while imports, which are a subtraction in the calculation of GDP, increased. Personal consumption expenditures (PCE), nonresidential fixed investment, and residential fixed investment increased.
PCE increased at a 2.7% rate, and residential investment increased at a 2.1% rate. Change in private inventories and trade were a huge drag in Q1. The advance Q1 GDP report, with 1.4% annualized decline, was below expectations.
I’ll have more later …