Second Reading on Q1 GDP Growth Unchanged at 1.8%
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The Street got its second reading on first-quarter GDP growth Thursday morning: unchanged from the initial 1.8 percent increase reported on April 28th.
Economists had been expecting an upwardly revised reading of 2.2 percent.
Final gross domestic product for the fourth quarter of last year came in at up 3.1 percent.
The survey from the Commerce Department also showed personal consumption rose 2.2 percent annually, worse than the 2.8 percent increase economists had been expecting. Weakness in consumer purchases was attributed to less spending on both autos and utilities.
Core personal consumption expenditures on a quarter-over-quarter basis rose 1.4 percent, down from 1.5 percent previously and below the economist estimate by 10 basis points.
Thursday’s report also gave a peak into corporate profits so far in 2011: earnings were up about 1.3 percent from the fourth quarter of last year, notably, the slimmest gain since 2009. Earnings rose 2.3 percent during the previous quarter.
The Commerce Department will release its final revision to first-quarter GDP in June.
Economists had been expecting an upwardly revised reading of 2.2 percent.
Final gross domestic product for the fourth quarter of last year came in at up 3.1 percent.
The survey from the Commerce Department also showed personal consumption rose 2.2 percent annually, worse than the 2.8 percent increase economists had been expecting. Weakness in consumer purchases was attributed to less spending on both autos and utilities.
Core personal consumption expenditures on a quarter-over-quarter basis rose 1.4 percent, down from 1.5 percent previously and below the economist estimate by 10 basis points.
Thursday’s report also gave a peak into corporate profits so far in 2011: earnings were up about 1.3 percent from the fourth quarter of last year, notably, the slimmest gain since 2009. Earnings rose 2.3 percent during the previous quarter.
The Commerce Department will release its final revision to first-quarter GDP in June.
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