US first quarter 2020 GDP (second look)
- First reading was -4.8%
- Q4 2019 was +2.1%
Details:
- Final sales -3.7% vs -4.3% prelim
- Consumer spending -6.8% vs -7.6% prelim
- GDP deflator +1.6% vs +1.4% prelim
- Core PCE +1.6% vs +1.8% exp
- Gross private fixed investment -10.5% vs -5.6% prelim
- Investment in equipment -196.7% vs -15.2% prelim
- Exports -8.7% vs -8.7% prelim
- Imports -15.5% vs -15.3% prelim
- Government +0.8% vs +0.7% prelim
The spending side was a bit better after revisions but the overall picture worsened. This was the worst quarter since Q4 2008 but the current quarter will be much worse.
