US Q1 GDP due Thursday – US officials watering down expectations

A senior US administration official:

  • data expected to show smaller growth in Q1 than Q4, slower inventory growth likely an issue after big jump in Q4
  • US GDP data also expected to show very strong household balance sheets, household consumption, business investment
  • US GDP data will show that ‘economic conditions are still very, very strong’
  • says Russia’s war in Ukraine likely to have muted impact on Q1 GDP data, US exposure to Russian economy is ‘fairly limited’
  • says Friday’s personal consumption expenditures price index data expected to reflect ‘quite elevated’ headline inflation, but core  inflation  likely to be flat-lined or lower
  • US monitoring impact of Ukraine war on European economies very carefully-official
us gdp q1 28 April 2022
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