Forecasts range -2% - +2.5%, Median 1.0%, Actual -1.4%
GDP expanded at 6.9% annual rate in the prior quarter
Personal consumption expanded by 2.7%, up from the previous quarter rise of 2.5%
Durable Goods came at 4.1% in Q1, Government Consumption contracted by 2.7%, Exports fell 5.9%
from UBS Chief Economist morning comment:
US advanced first quarter GDP data is due. The only certainty is that this number will be wrong. Advanced GDP ordinarily uses less than half the data of final GDP, and is based on surveys that sensible people no longer fill in. This data quality problem means many revisions lie ahead, and it creates a very wide range of “forecasts”—from –2% to +2.5% (annualized).
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