US DATA: Q1 real GDP remains a low +1.8% as downward rev to consumption
offset higher inventories & biz structures, net exports cut less. Lower
consumption reflects lower cars & fuels, as well as less spent on elec &
gas, both due to high energy prices. Other revs refl add’l source data.
Q4 wages rev -$24.6b for less spending power; DPI rev lower in Q1. Sales
data in Q2 are firm, but econ slowed. Corp profits +$21.9b from cur-prod
GDP Components: Q2 Q3 Q4 final Q1 Prelim Q1 Rev
Real growth +1.7% +2.6% +3.1% +1.8% +1.8%
Real final sales +0.9 +0.9 +6.7 +0.8 +0.6
PCE +2.2 +2.4 +4.0 +2.7 +2.2
Nonres fixed invest +17.2 +10.0 +7.7 +1.8 +3.4
Res fixed invest +25.7 -27.3 +3.3 -4.1 -3.3
Net Exports Contrib cut 3.50 cut 1.70 add 3.27 cut 0.08 cut 0.06
Inventory Contrib add 0.82 add 1.61 cut 3.42 add 0.93 add 1.19