Real gross domestic product (GDP) increased at an annual rate of 1.3 percent in the first quarter of 2023 (table 1), according to the "second" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent. The GDP estimate released today is based on more complete source data than were available for the "advance" estimate issued last month. In the advance estimate, the increase in real GDP was 1.1 percent (refer to "Updates to GDP"). The updated estimates primarily reflected an upward revision to private inventory investment. The increase in real GDP reflected increases ... (full story)

The Bureau of Economic Analysis on Wednesday revised up its estimate for first quarter GDP growth to a 1.3% annual rate, from a previously estimated 1.1%. The latest update, the second of three, shows that first quarter gross domestic product growth was lower than the preceding quarter's 2.6% clip, showing a slowdown attributable in part to the Federal Reserve's campaign to tighten monetary policy and bring down inflation. The Fed once again hiked interest rates this month by a modest degree — a quarter of a percentage point — despite the threat of recession. Most investors expect the Fed to pause hiking rates next ... (full story)