May 30, 2024
US real gross domestic product is now estimated to have increased at an annual rate of 1.3% in the first quarter, down from an initial estimated growth rate of 1.6%. The US Bureau of Economic Analysis released its second estimate of first-quarter growth today.
The second estimate is based on more complete data sources. The downward revision was primarily reflected a downward revision to consumer spending.
First-quarter GDP is down from the fourth quarter when GDP rose by 3.4%.
A third estimate of first-quarter GDP is scheduled to be released on June 27.