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Q1 GDP shrinks

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Q1 GDP shrinks

Second estimate comes in at a 1.0% decrease; weather cited.

Estimated real gross domestic product decreased at an annual rate of 1.0% in the first quarter, according to a Commerce Department report issued today.  This revises downward the government’s earlier estimate of 0.1% growth.

The changed estimate arose from smaller than estimated inventory growth and a larger than estimated trade deficit. 

Most observers had effectively written off first quarter growth due to the extreme weather experienced in many parts of the country.  More recent data has suggested strengthening growth and employment as the economy heads into the 2nd quarter.

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The full report can be found here.

 

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