USA: 1st quarter contraction revised to 1.6% annualized | Photo credits: Ludovic Bertron / Creative Commons
WASHINGTON, June 29 (Reuters) – The U.S. economy contracted a little sharper than previously estimated in the first quarter due to a record trade deficit, final gross domestic product (GDP) statistics released on Wednesday showed. by the Department of Commerce.
US GDP fell 1.6% at an annualized rate from the previous three months, a figure revised from the previous estimate which showed a contraction of 1.5%.
Economists polled by Reuters on average expected confirmation of the latter figure.
At the same time, the Commerce Department revised the so-called “core PCE” basic price index upwards, to +5.2% on an annual basis over January-March, while the consensus gave it unchanged compared to the previous estimate at +5.1%. (Report Lucia Mutikani, French version Laetitia Volga, edited by Kate Entringer)