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MNI BRIEF: US Q1 GDP Up 6.4% As Recovery Continues

MNI (Washington)

U.S. Q1 GDP grew at an annual rate of 6.4%, the Bureau of Economic Analysis said Thursday, underlining the strength of the continued post-pandemic recovery, although growth was slightly lower than forecasts for an annualized 6.9% increase. For Q4 GDP, was unrevised at +4.3%.

The strong growth reflected increases in PCE, nonresidential fixed investment, federal government spending, residential fixed investment, and state and local government spending. Partially offsetting those gains were declines in private inventory investment and exports, the BEA said.

Increases in PCE reflected increases in purchases of goods like motor vehicles and food, the BEA said, and services like restaurant visits. Increases in federal spending were driven by PPP loans and purchases of Covid-19 vaccines.

Source: Bloomberg

MNI Washington Bureau | +1 202-371-2121 |
MNI Washington Bureau | +1 202-371-2121 |

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