Market Updates
First Quarter U.S. GDP Revised Higher to 2.0%
Brian Turner
29 Jun, 2023
New York City
In the third estimate, real U.S. economic growth was revised sharply higher to 2.0% from 1.3% in the previous estimate, the U.S. Census Bureau reported Thursday.
In the fourth quarter of 2022, real GDP increased 2.6%.
Higher consumer and public spending and exports contributed to the upward revision.
Consumer spending growth rose to 4.2% from 3.8% in the previous estimate and exports increased 7.8% and imports advanced at a slower pace of 2%, resulting in higher net contribution of 0.58 percentage points.
Nonresidential fixed investment growth was 0.6%, smaller than previously estimated 1.4%
The price index for gross domestic purchases increased 3.8% in the first quarter, the same as the previous estimate.
The personal consumption expenditures (PCE) price index increased 4.1%, revised down 0.1 percentage point.
The PCE price index excluding food and energy prices increased 4.9%, a downward revision of 0.1 percentage point.
After the release of the GDP data, U.S. Treasury yields advanced.
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