This morning the BEA released its third and final estimate of Q1 GDP growth. Economists were expecting a small revision higher to 3.2%, but the final reading on GDP growth in Q1 was 3.1%, unchanged from the second estimate on a rounded basis and +6 bps actual. In the table below, we show the evolution of the release from Q4’s final reading to today’s release, with the prior estimate included as well. Notable revisions higher include non-auto durables consumption, software spending, some other categories of fixed investment, and state/local government spending. Notable downward revisions included autos, household services spending (ex health care, which was revised up), and output of non-profit institutions. Inventories were also revised down slightly. Start a two-week free trial to Bespoke Institutional to access our entire suite of research services.

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