1Q GDP rev down slightly to +2.2% SAAR vs...>

US DATA: 1Q GDP rev down slightly to +2.2% SAAR vs unrevised +2.3% 

expected, but it could have been a larger revision as almost all 

components were revised lower, with a large upward adjustment to 

nonresidential fixed investment the only positive. A large downward 

adjustment to inventories was the main negative factor. 

- The prices measures were generally revised lower. The overall GDP 

price index now +1.9% vs adv +2.0%, while the closely watched core PCE 

was revised down to +2.3% vs +2.5%, lowering the y/y rate to +1.6% 

vs +1.7% adv and +1.5% in 4Q. 

- The PCE measure was revised down slightly to a +1.0% pace, with an 

upward revision to goods spending roughly offset by a downward revision 

to services spending. The savings rate was unrevised at 3.1%.

- Due to the mix of revisions, particularly the downward adjustment 

to inventories growth, real final sales of domestic product were revised 

up to +2.0% vs +1.9% in adv estimate, while sales to domestic purchasers 

were revised up to +1.9% vs +1.6% adv.