Final revisions show U.S. economy shrank 1.6% in first quarter
Xinhua News Agency, Washington, June 29 (Reporter Xu Yuan) The final revised data released by the U.S. Department of Commerce on the 29th showed that the real U.S. gross domestic product in the first quarter of 2022 fell by an annualized rate of 1.6%, down from the revised data previously released. up 0.1 percentage points.
Data show that in the first quarter of this year, U.S. personal consumption expenditures increased by an annual rate of 1.8%, a sharp drop of 1.3 percentage points from the revised data previously released.
Non-residential fixed asset investment, which reflects the investment status of enterprises, increased by 10% at an annual rate, an increase of 0.8 percentage points from the revised data.
Meanwhile, U.S. private inventory investment dragged down the economy by 0.35 percentage points in the quarter, an improvement from the previously revised data.
Net exports dragged down the economy by 3.23 percentage points in the quarter, unchanged from the previous revision.
The Commerce Department typically makes three estimates of quarterly economic data based on constantly improving information.
The first estimate of economic data for the second quarter of this year will be released on July 28.