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June 28, 2016US GDP 2016 Q1 (THIRD ESTIMATE)
In the first quarter of 2016, the US economy grew at an annualized rate of 1.1 per cent, revised up from 0.8 per cent reported in the second estimate. US economic growth has been slowing since the second quarter of 2015. In the revised results ($2009 chained, seasonally adjusted at annualized rates):
- Personal consumer expenditures grew at a real pace of 1.5 per cent, revised down from 1.9 per cent from the second estimate.
- Non-residential investment declined by 4.5 per cent, a shallower drop than originally reported. However, the drop was offset by a 15.6 per cent gain in residential investments, down from the second estimate of 17.1 per cent.
- Government spending growth was little changed from the second estimate at 1.3 per cent as increases in state, local, and federal non-defense spending offset declines in defense spending.
- Net trade remained a drag on US economic growth in the first quarter despite an increase in US exports and a decrease in US imports and reversing an export decline observed in second estimates.
- Inventory accumulation slowed in the first quarter, slightly faster than observed in the second estimate.
Source: US Bureau of Economic Analysis