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(CEP News) - A final look at first-quarter U.S. GDP has the U.S. economy growing at an annualized rate of 1.0%, in line with expectations and above the 0.9% growth rate reported in the preliminary report. There was an unexpected upward revision to price indicators.
Core PCE, which excludes sales of volatile food and energy components, posted a 2.3% gain on a quarter-over-quarter basis, above from the 2.1% advance originally posted, and despite the consensus for no change. In Q4, the growth rate was 2.5%. The GDP price index came in at 2.7% for the quarter, above the preliminary 2.6% level, which economists also expected to be unrevised. In Q4, prices rose by 2.4%. Personal consumption in the first quarter posted a 1.1% increase, above the preliminary 1.0% growth rate, which economists had expected to be unrevised. In Q4, personal consumption rose 2.3%. Exports advanced by 5.4% against the preliminary figure of +2.8% and imports fell by 0.7%, against the preliminary reading of -2.6%. Government spending was revised to a 2.1% growth rate compared to the previous 2.0% projected growth rate. By Erik Kevin Franco,
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, edited by Stephen Huebl,
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