Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
U.S. GDP contracted in the first quarter for the first time since early in the pandemic, coming in far below analyst expectations as private inventory investment fell and the trade gap widened, the Bureau of Economic Analysis said Thursday.
The first estimate of first quarter GDP came in at -1.4% following an increase of 6.9% in the fourth quarter. A large part of the fall in inventory was motor vehicles and parts due to ongoing supply shortages. Meanwhile, exports fell and imports of goods increased and the wider trade gap contributed -3.2% to the headline number.
Consumer spending increased 2.7%, up two-tenths from the fourth quarter, as services consumption rose, led by health care. A decrease in energy consumption partly offset that, the BEA said.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.