The final revised data released by the U.S. Department of Commerce on the 29th showed that U.S. real gross domestic product fell 1.6% at an annualized rate in the first quarter of 2022, a downward revision of 0.1 percentage points from the previously released revised data.
The data showed that U.S. personal consumption expenditures increased 1.8% at an annualized rate in the first quarter of this year, a significant downward revision of 1.3 percentage points from the previously released revised data. Reflecting the state of business investment in non-residential fixed assets investment grew at an annual rate of 10%, an upward revision of 0.8 percentage points from the revised data.
At the same time, the U.S. private inventory investment dragged the economy 0.35 percentage points in the current quarter, an improvement over the previous revised data. Net exports were a 3.23-percentage-point drag on the economy in the quarter, unchanged from the previous revision.
The U.S. Department of Commerce usually makes three estimates of quarterly economic data based on constantly improving information. The first estimate of economic data for the second
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