The first look at Q1 GDP:
– Prior +1.4% (unrevised)
– Personal consumption +1.9% vs +1.7% exp
– Prior consumption +2.4%
– GDP price index +0.7% vs +0.5% exp
At first look, it appears as though higher inflation ate into real growth. It’s a good sign that nominal growth held up but no one is celebrating a 0.5% growth pace.