The second revision to Q1/23 GDP growth came in slightly stronger than expected: 1.3% vs 1.1%. Both those numbers are annualized, so actual growth in the quarter was a mere 0.32%. Inflation, according to the GDP deflator (the broadest and most inclusive measure of inflation) was also a bit higher than expected: 4.2% vs 4.0% (annualized). Since last summer, inflation economy-wide has fallen by more than half from a high of 9.0%. Also released today were estimates of corporate profits for the first quarter, and these were somewhat disappointing, having fallen from a high of 10% of GDP last summer to now 8.7% of GDP. In ... (full story)