US DATA: Q1 real GDP +1.8% as final sales tanked to +0.8%. Deceleration
was due to higher imports, slower consumption (mainly lower autos &
clothing), fed’l spending -7.9%. Spending on structures (Res & Nonres)
also fell. Growth would have been far worse if inventories had not
contributed nearly a full pt to GDP. Commerce assumed rising inventories
and a worse Mar trade bal for missing data. Infl worse-PCE core px +1.5%
GDP Components: Q2 Q3 Q4 final Q1 Prelim
Real growth +1.7% +2.6% +3.1% +1.8%
Real final sales +0.9 +0.9 +6.7 +0.8
PCE +2.2 +2.4 +4.0 +2.7
Nonres fixed invest +17.2 +10.0 +7.7 +1.8
Res fixed invest +25.7 -27.3 +3.3 -4.1
Net Exports Contrib cut 3.50 cut 1.70 add 3.27 cut 0.08
Inventory Contrib add 0.82 add 1.61 cut 3.42 add 0.93