According to the US real gross domestic product (GDP) confirmed in January-March (first quarter), personal consumption was the lowest growth in the process of recovery from the coronavirus disease. The revised value has been revised downward significantly, suggesting that the US economy has been weaker than previously expected.
The January-March fixed value of personal consumption, which accounts for the largest part of the US economy, increased by 1.8% annually from the previous quarter. The revised value was up 3.1% year-on-year.
US GDP, January-March confirmed value is down 1.6% year-on-year-expected 1.5% down
“This is a case where the GDP revision changes the way we look at the first quarter,” said Alex Pele, a US economist at Mizuho Financial Group (FG). “Consumption actually slowed, rather than accelerated compared to the previous two quarters,” he said.
news-rsf-original-reference paywall">Original title:
news-rsf-original-reference paywall">US Personal Consumption Revised Sharply Lower in First Quarter(excerpt)