US gross domestic product fell at a 1.5% annualized pace last quarter but was revised down from the 1.4% pace of decline reported in April.
- The fall in real GDP was attributable to a decline in private inventory investment, exports, federal government spending, and state and local government spending.
- The current-dollar GDP rose 6.5% at an annual pace in Q1 to reach $24.38 trillion. In Q4, GDP rose 14.5% or $800.5 billion.
- The price index for gross domestic purchases rose by 8.0% in Q1, compared with a surge of 7% in Q4. The PCE price index rose 7%, compared with an increase of 6.4%.
Personal income increased by $248.3 billion in the first quarter to $21.26 trillion. Meanwhile, personal savings dropped to $1.03 trillion in Q1, compared with $1.45 trillion in Q4.
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Source: Bureau of Economic Analysis