GDP growth was < yesterday's expectation & slightly below what was expected in Feb. But well above what we had expected earlier.
Survey of Professional Forecasters expectations for real GDP in Q1:
Feb-23: 1.3%
May-23: 1.0%
Aug-23: 1.1%
Nov-23: 0.8%
Feb-23: 2.1%
Actual: 1.6%
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Jason Furman
jasonfurman
GDP growth came in a bit below expectations at a 1.6% annual rate in the first quarter.
But much of the slowdown was in non-inertial items like inventories (-0.35pp) and net exports (-0.86pp). The better signal of final sales to private domestic purchasers was 3.1%. pic.twitter.com/bIv8s5yMtA
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Gregory Daco
GregDaco
🇺🇸US Economy Disappoints for the Right Reasons
📉 Real #GDP only advanced 1.6% annualized in Q1 2024, following strong +3.4% in Q4 '23
But while the headline print missed expectations by a mile, most of the shortfall stemmed from stronger imports pulled in by solid final demand pic.twitter.com/o6nwsIDCjv