US Q1 GDP second reading 2022
  • First reading was -1.4%
  • Q4 final was 6.9% annualized
  • Personal consumption +3.1% vs +2.7% advance
  • Core PCE +5.1% vs +5.2% expected
  • Deflator +8.1% vs +8.0% expected
  • Full report

Details:

  • Net trade -3.23 pp vs of cut 3.2 pp from growth in advance
  • Inventories cut -1.09 pp from GDP vs -0.84 pp in advance report
  • Home investment +0.02 pp vs -0.03 pp in advance report
  • Personal consumption +2.09 vs +1.83 pp advance
  • Gross private domestic investment +0.10 pp vs +0.43 pp in advance
  • Government spending -0.47 pp vs -0.48 pp in advance

Inflation was a bit more of a drag and so was gross private investment, largely as a result of more inventory building.