Jun 24, 2011
The Bureau of Economic Analysis revised real gross domestic product growth up to an annual rate of 1.9% for the first quarter of 2011 today, in the agency's 3rd estimate.
Economists had been expecting first quarter growth to be revised up to 2.0%. As of now, the consensus expects Q2 growth to accelerate slightly to 2.3%.
The estimate released today is based on more complete source data than was available last month for the second estimate, in which growth was estimated at 1.8%.
The revision was due primarily to a downward revision to imports and a larger inventory buildup than was first recorded.
Core inflation was revised higher, to 1.6% in the quarter, from the 1.4% estimate released last month.
Corporate profits increased $48.7 billion in the first quarter, outpacing the $38.2 billion increase in the fourth quarter of 2010.
The Q1 growth reflected positive contributions from personal consumption expenditures, private inventory investment, exports, and nonresidential fixed investment, that was offset by negative contributions from federal government spending and state and local government spending.
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