by Calculated Risk on 5/30/2019 08:35:00 AM
Thursday, May 30, 2019
Real gross domestic product (GDP) increased at an annual rate of 3.1 percent in the first quarter of 2019, according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.2 percent.PCE growth was revised up from 1.2% to 1.3%. Residential investment was revised down from -2.8% to -3.5%. This was close to the consensus forecast.
The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP in the first quarter was 3.2 percent. Today's estimate reflects downward revisions to nonresidential fixed investment and private inventory investment and upward revisions to exports and personal consumption expenditures (PCE). Imports, which are a subtraction in the calculation of GDP, were revised up; the general picture of economic growth remains the same
Here is a Comparison of Second and Advance Estimates.
Posted by Calculated Risk on 5/30/2019 08:35:00 AM