US Q1 GDP (third reading) -5.0% vs -5.0% expected

The US Q1 2020 GDP data

The US Q1 2020 GDP data

Details:

  • Final sales -3.5% vs -3.7% prelim
  • Consumer spending -6.8% vs -6.8% prelim
  • GDP deflator +1.6% vs +1.6% prelim
  • Core PCE +1.7% vs +1.6% exp
  • Business investment -6.4% vs -7.9% prelim
  • Corporate profits after tax -12.4% vs -14.2% prelim
Inventories cut 1.56 percentage points from GDP.
The market is looking towards Q3 now and it’s on track to be the worst quarter on record