US first-quarter growth revised up to 2% on exports, consumers
by Bloomberg Jun 29, 2023
US gross domestic product was revised up notably to a 2% annualized advance in the first quarter, data showed Thursday.
The government’s third estimate of GDP for the period reflected upward revisions to exports and consumer spending. Household spending, the engine of the US economy, rose at a 4.2% pace — the strongest in nearly two years — as services outlays were adjusted higher.
Meanwhile, key inflation gauges watched closely by the Federal Reserve were revised down slightly. The personal consumption expenditures price index excluding food and energy rose at a 4.9% pace in the first quarter.
The government’s other main measure of economic activity, gross domestic income, painted a different picture. While improved from an earlier estimate, GDI fell at a 1.8% pace in the first quarter, marking a second-straight decline.
Averaging GDI and GDP, the economy grew just 0.1%.
Bloomberg
© Bloomberg
The author’s opinion are not necessarily the opinions of the American Journal of Transportation (AJOT).
Similar Stories
Afreximbank Africa Trade Report shows Africa can turn geopolitical disruptions into long-term growth opportunity
The report highlights Africa’s continued growth resilience despite significant headwinds occasioned by escalating geopolitical tensions and ensuing economic shifts
View Article
Strait of Hormuz tensions highlight need to put seafarer welfare at the center of contingency planning, says AVS Global Ship Supply
View ArticleFreight forwarders helped make Brexit-era UK–EU trade manageable
As the UK marks ten years since the Brexit referendum, the British International Freight Association (BIFA) is highlighting the vital role played by its members in helping businesses adapt to…
View Article
Thailand launches FastPass program
View Article
The tariff environment changed the FTZ math. Here’s why the numbers finally work
View ArticleCMA CGM PSS - From Northeast Asia to West Africa
In a continued effort to provide customers with reliable and efficient services, CMA CGM informs its customers of the following Peak Season Surcharge (PSS).
View ArticleGet the most up-to-date trending news!
SubscribeIndustry updates and weekly newsletter direct to your inbox!
Follow us on social media:
