The second revision of the US national income accounts for the first quarter of 2014, released today by the Bureau of Economic Analysis, showed that real GDP fell at an annual rate of -1.0 percent. The advance report had shown an annual rate of increase of 0.1 percent. Today's report also showed that corporate profits fell sharply in the quarter.
Most of the change in the
numbers between the advance and second estimates for the quarter came
from a much faster rundown of inventories than had previously been
reported. Inventory depletion contributed -1.62 percentage points to
growth, compared with the advance estimate of -.57 percent. Fixed
investment was marginally higher than previously reported.
sectors showed less change. Consumption was fractionally stronger than
previously reported. Government spending decreased a bit more than
reported earlier, with all the change due to a bigger decrease at the
state and local government level. Exports decreased a bit less than
previously estimated, but the decrease in net exports was slightly
greater because imports rose, rather than decreasing slightly, as
reported in the advance estimate. >>>Read more
Follow this link to view or download a slideshow with complete charts of the latest GDP and profits data