US DATA: Q1 real GDP revised to +1.9%, as expected. But components were
mixed as PCE was lowered on fewer March auto registrations and less cell
and electric usage, and nonres buildings and oil rigs were rev up as was
info processing eqpt in nonres FI. Net effect remains modest final sales
and modest inventories (rev down, so could rebuild in Q2). Apr-May data
show econ is still modest. GDP px were +1.7%. Corp Profits were +$11.4B.
GDP Components: Q1:11 Q2 Q3 Q4 Q1:12 Prl Q1 Rev
Real growth +0.4% +1.3% +1.8% +3.0% +2.2% +1.9%
Real final sales +0.0 +1.6 +3.2 +1.1 +1.6 +1.7
PCE +2.1 +0.7 +1.7 +2.1 +2.9 +2.7
Nonres fixed invest +2.1 +10.3 +15.7 +5.2 -2.1 +1.9
Res fixed invest +2.4 +4.2 +1.3 +11.6 +19.1 +19.4
Net Exprt Contrib cut 0.34 add 0.24 add 0.43 cut 0.26 cut 0.01 cut 0.08
Inventory Contrib add 0.32 cut 0.28 cut 1.35 add 1.81 add 0.59 add 0.21