The second estimate of U.S. first quarter GDP growth was just 3.0% vs. 3.3% expected.Auto-related sales added 0.49% to the 1Q growth.
The change in private inventories added 1.65% to the 1Q growth as well. Stripping out the inventory effect, real sales of domestic product rose 1.4%, compared to 1.7% in the fourth quarter of 2009.
Real gross domestic product — the output of goods and services produced by labour and property located in the United States — increased at an annual rate of 3.0 per cent in the first quarter of 2010, (that is, from the fourth quarter to the first quarter), according to the “second” estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP had increased 5.6 per cent.
Real final sales of domestic product — GDP less change in private inventories — increased 1.4 per cent in the first quarter, compared with an increase of 1.7 per cent in the fourth.
See the full official release below.
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