As expected, Q1 2008 Real GDP Growth was revised up to +0.9% from +0.6% previously.
-Weakest two quarter growth since 2001 recession;
-Private inventory investment added 0.81% to GDP growth;
-Final Sales of domestic product: (GDP growth – private inventories) 0.7% (-0.2% previously)
-Personal consumption expenditure unchanged at +1% (slowest since Q2 2001)
-Gross private domestic investment: -6.5% (previously -4.7%);
-Residential investment "improved" to -25.5% from -26.7% (most since 1981);
-Business fixed investment: -7.8% (improved from -9.7%);
-Exports weakened to +2.8% from +5.5%;
-Imports weakened to -2.6% from +2.5% ;
-Federal Government consumption expenditure and gross investment: +4.4% (+4.6% previously);
-State and Local Govt: 0.6% (+0.5% previously)
Merrill Lynch’s David Rosenberg notes: "The key indicator of the strength of the domestic economy, final sales to domestic purchasers (GDP ex trade and inventories) remained in negative territory at -0.1% QoQ (was -0.4%). This is the first decline since 1991Q1 and is signaling a very fragile domestic economy."