The Advance estimate of Q1 GDP from the Bureau of Economic Analysis released this morning showed a notable deceleration in growth across categories. Estimates were calling for growth in the neighborhood of +0.6% QoQ, at an annual rate.  The actual unrounded number was +0.54%, so these estimates weren’t half bad! However, the result was still disappointing as weaker spending on cars helped push down the contribution of durable goods to GDP, investment in shaft/well structures (a proxy for oil & gas fixed investment) shaved over 60 bps from headline GDP, and the trade deficit widened. Below we summarize the release in our table which shows the contribution to total GDP by category for Q4 and Q1 as well as the change between last quarter and this quarter.

042816 GDP Review

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