TELETRADER News
5/26/2022, 2:30 PM
(Source: TeleTrader)
US Q1 GDP down 1.5% in second estimate
The United States' gross domestic product (GDP) decreased at an annual rate of 1.5%, according to a second estimate by the Bureau of Economic Analysis on Thursday. In the first estimate, the US economy contracted 1.4%.
"The update primarily reflects downward revisions to private inventory investment and residential investment that were partly offset by an upward revision to consumer spending," the report noted.
The personal consumption expenditures (PCE) price index grew by 7% on a yearly basis, unchanged from the previous estimate or 5.1% excluding food and energy prices, compared to 5.2% in the first estimate. Personal income increased $248.3 billion to $21.26 trillion in the first quarter.