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Q1 GDP Growth Revised down to minus 1.5% Annual Rate

From the BEA: Gross Domestic Product (Second Estimate) and Corporate Profits (Preliminary), First Quarter 2022
Real gross domestic product (GDP) decreased at an annual rate of 1.5 percent in the first quarter of 2022 (table 1), according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 6.9 percent.

The GDP estimate released today is based on more complete source data than were available for the “advance” estimate issued last month. In the advance estimate, the decrease in real GDP was 1.4 percent. The update primarily reflects downward revisions to private inventory investment and residential investment that were partly offset by an upward revision to consumer spending
emphasis added
Here is a Comparison of Second and Advance Estimates. PCE growth was revised up from 2.7% to 3.1%. Residential investment was revised down from 2.1% to 0.4%. 

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