First Quarter GDP Revised from 2.3% to 2.2%

Real GDP grew at a seasonally adjusted annual rate of 2.2% during the first quarter of 2018, according to the Bureau of Economic Analysis’s second estimate, down from 2.3% in the “advance” estimate. The general picture of economic growth remained the same.

The percent change primarily reflected a downward revision to private inventory investment and residential fixed investment.

Personal consumption expenditures and government expenditures were unchanged in the second estimate.

Read the BEA release.