The GDP data was finally amended, showing that the economic atrophy of the United States in the first quarter of 1.6%

Based on the United States CNN and Reuters reported on the 29th, the US Department of Commerce Economic Analysis (BEA) said on Wednesday that the American economy's atrophy in the first quarter was slightly faster than previous estimates. CNN pointed out that the revised data further exacerbated concerns about the decline in the US economy.

According to BEA's third final correction data for the first quarter economy, the actual national product (GDP) in the first quarter of the first quarter of the United States calculated by 1.6%at an annual rate. Earlier, the preliminary data of BEA in April showed that the GDP in the first quarter was 1.4%, and the correction data released in May was 1.5%.

BEA pointed out that in the first quarter of this year, GDP manifestations include the new crown pneumonia epidemic, especially the underestimated effects of the surge in the surge in the infection of Omiko's strains, which is in stark contrast to the data in the fourth quarter of 2021. It increased by 6.9%compared to the previous quarter.

Picture source: CNN report screenshot

Specifically, the personal consumption expenditure accounted for more than 2/3 of the US economy increased by 1.8%, which was 1.3 percentage points significantly reduced compared with the previously announced correction data. It is expected that the consumption expenditure of durable goods will increase by 5.9%, which is 0.9 percentage points from the previously announced correction data, which reflects the consumption expenditure of automobiles and entertainment products.

The investment in non -residential fixed assets that reflects the investment in the enterprise increased by 10%at an annual rate, which was 0.8 percentage points from the correction data. At the same time, US private inventory investment drags 0.35 percentage points of the seasonal economy, which has improved from previous correction data. The net export drags 3.23 percentage points of the seasonal economy, which is the same as the previous correction data.

Reuters pointed out that the Fed's actively tightening monetary policy to curb inflation, which is a potential dangerous signal for domestic demand and economic prospects. The Federal Reserve President Powell said at the European Central Bank conference on Wednesday that "the risk of risk is" the economic slowdown caused by the US Bank's policy may exceed the degree of controlling inflation.

It is reported that the U.S. Department of Commerce usually estimate the quarterly economic data based on continuous information. In the second quarter of this year, the first estimation of economic data will be announced on July 28.

Shanon Sery, a Wells Fargo economist, said that according to Wells Fargo's forecast, a mild decline will occur in the second quarter of 2023. However, strong home financial conditions and stable consumers and corporate balance sheets should ensure that even if the US economy declines, it will be quite mild.

(Edit: HX)

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