EmailGDP for the first quarter was left unrevised at 1.9% following the third estimate. That was exactly what the Briefing.com consensus expected. GDP increased 3.0% in Q4 2011. The revisions were mostly minor and had no effect on overall trends.
Slight downward revisions were seen in consumption (from 2.7% to 2.5%), nonresidential investment in equipment and software (from 3.9% to 3.5%), inventories (from $57.7 bln to $54.4 bln), and government spending (from -3.9% to -4.0%). These declines were offset by moderate upward revisions in nonresidential investment in structures (from -3.3% to +1.9%), residential investment (from 19.4% to 20.0%), and the net export deficit (from -$411.9 bln to -$407.0 bln). Real final sales, which exclude inventory changes, were revised up to 1.8% from 1.7% in the second estimate.
