-
Policy
Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM POLICY: -
EM Policy
EM Policy
Exclusive interviews with leading policymakers that convey the true policy message that impacts markets.
LATEST FROM EM POLICY: -
G10 Markets
G10 Markets
Real-time insight on key fixed income and fx markets.
Launch MNI PodcastsFixed IncomeFI Markets AnalysisCentral Bank PreviewsFI PiFixed Income Technical AnalysisUS$ Credit Supply PipelineGilt Week AheadGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance CalendarsEZ/UK Bond Auction CalendarEZ/UK T-bill Auction CalendarUS Treasury Auction CalendarPolitical RiskMNI Political Risk AnalysisMNI Political Risk - US Daily BriefMNI Political Risk - The week AheadElection Previews -
Emerging Markets
Emerging Markets
Real-time insight of emerging markets in CEMEA, Asia and LatAm region
-
Commodities
Commodities
Real-time insight of oil & gas markets
-
Credit
Credit
Real time insight of credit markets
-
Data
-
Global Macro
Global Macro
Actionable insight on monetary policy, balance sheet and inflation with focus on global issuance. Analysis on key political risk impacting the global markets.
Global MacroDM Central Bank PreviewsDM Central Bank ReviewsEM Central Bank PreviewsEM Central Bank ReviewsBalance Sheet AnalysisData AnalysisEurozone DataUK DataUS DataAPAC DataInflation InsightEmployment InsightGlobal IssuanceEurozoneUKUSDeep DiveGlobal Issuance Calendars EZ/UK Bond Auction Calendar EZ/UK T-bill Auction Calendar US Treasury Auction Calendar Chart Packs -
About Us
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.
Real-time Actionable Insight
Get the latest on Central Bank Policy and FX & FI Markets to help inform both your strategic and tactical decision-making.
Free AccessMNI DATA ANALYSIS: US 1Q GDP Revised Down Slightly To +2.2%>
--Most Components Revised Modestly Lower, Inventories Cut Sharply
--Nonresidential Fixed Investment Revised Up To Provide Some Offset
--Core PCE Price Index Revised Down To +2.3%; Y/Y Now +1.6%
By Kevin Kastner and Holly Stokes
WASHINGTON (MNI) - First quarter GDP growth was revised down
slightly to a 2.2% annual rate from the 2.3% pace in the advance
estimate, compared with expectations for no revision, data released
Wednesday by the Bureau of Economic Analysis showed.
A large downward revision to inventories growth was the key factor,
supplemented by small downward revisions to PCE, residential fixed
investment, and government spending and a wider trade gap. Providing
some offset was a large upward revision to nonresidential fixed
investment.
--OVERALL GROWTH SAME, FINAL SALES UP
Overall, the data suggest very little change in the overall growth
picture, but the mix of revisions resulted in an upward adjustment to
final sales. Likewise, the price picture was a little softer than the
advance estimate, but not materially.
Inventory investment was revised down to a $20.2 billion gain for
the quarter from $33.1 billion in the advance estimate. The net export
gap now stands at $650.9 billion, slightly larger than $645.9 billion
gap in the advance estimate.
Within consumption, which was revised down slightly to a 1.0% pace
for the quarter from the 1.1% advance estimate, there was an upward
revision to goods PCE, offset by a downward adjustment to services PCE.
The personal savings rate was unrevised at a 3.1% level and was
still up from 2.6% in the previous quarter.
Residential fixed investment was revised down to 2.0% rate of
decline from a flat reading in the advance estimate.
Government spending was revised down to a 1.1% gain, compared with
a 1.2% rise in the advance estimate.
Providing some offset, nonresidential fixed investment was revised
up to a 9.2% pace from the 6.1% gain in the advance estimate, with
structures, equipment, and intellectual equipment all revised higher.
As a result of the mix of revisions, real final sales of domestic
product were revised up to a 2.0% gain from the 1.9% increase in the
advance estimate. Real final sales to domestic purchasers was revised
up to a 1.9% pace from 1.6% rise in the advance estimate.
--PRICE MEASURES REVISED LOWER
The key price measures were revised generally lower in the second
estimate for the quarter. The chain price index was revised down
slightly to a 1.9% gain from the previously reported 2.0% rise, well
below the 2.3% gain in the fourth quarter.
The closely watched core PCE price index was revised down to a 2.3%
gain from 2.5% in the advance estimate, pulling the year/year rate for
the measure down to 1.6% from 1.7% in the advance estimate, still
slightly ahead of the 1.5% rise in the fourth quarter.
** MNI Washington Bureau: Tel. (202)371-2121 **
[TOPICS: MAUDS$,M$U$$$,MT$$$$,MAUDR$]
To read the full story
Sign up now for free trial access to this content.
Please enter your details below.
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.