- The advance Q1 reading was +2.4%
- Final Q1 reading was +2.0% annualized
- Q4 was +2.6% annualized
Details:
- Consumer spending +1.7% vs +1.6% advance
- Consumer spending on durables -0.3% vs +16.3% prior
- GDP final sales +2.2% vs +2.3% advance
- GDP deflator +2.0% vs +2.2% advance
- Core PCE +3.7% vs +3.8% advance
- Exports -10.6 vs -10.8% advance
- Imports -7.0% vs -7.8% advance
- Business investment +3.9% vs +4.9% advance
- Corporate profits -10.6% vs -5.9% advance
No changes on any of the metrics were expected.
Percentage point changes:
- Net trade -0.12 pp vs -0.12 pp advance
- Inventories -0.09 pp vs +0.14 pp advance
- Govt +0.58 pp vs +0.06 pp advance
State and local government spending has been a strong tailwind over the past year, adding about 0.5 pp per quarter. That should come to an end soon