GDP = 3.2%

Commerce Dept:

The increase in real GDP in the first quarter primarily reflected positive contributions from personal consumption expenditures (PCE), private inventory investment, exports, and nonresidential fixed investment that were partly offset by decreases in state and local government spending and in residential fixed investment. Imports, which are a subtraction in the calculation of GDP, increased.

The deceleration in real GDP in the first quarter primarily reflected decelerations in private inventory investment and in exports, a downturn in residential fixed investment, and a larger decrease in state and local government spending that were partly offset by an acceleration in PCE and a deceleration in imports

Noteworthy details:

-Consumer spending rose at the fastest rate in 3 years in Q1, driving the expansion to a 3.2% annual growth rate.
-Private domestic demand was the primary engine of growth.
-Consumer spending: up 3.6% annual rate.
-Business investments in equipment and software skyrocketed 13.4%.

Final caveat: This is the preliminary estimate, and is often revised. We will get the Q1 2010 GDP second estimate on May 27, 2010, at 8:30 A.M.

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Source:
Gross Domestic Product: First Quarter 2010 (Advance Estimate)
Commerce Department APRIL 30, 2010
http://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm

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