US GDP contracted -4.8% annualized in Q1 slightly worse than expectation of -4.0% annualized. That’s the largest decline since 2008 and marked the formal start of a recession.
Looking at some details, personal consumption expenditures dropped -7.6%. Gross private domestic investment dropped -5.6%. Exports of goods and services dropped -8.7% while imports dropped -15.3%> Government consumption expenditures and gross investment rose 0.7%.
Price index for gross domestic purchases rose 1.6%. PCE price index rose 1.3%, slowed from 1.4%. PCE core price index rose 1.8%, up from 1.3%.
