Excluding food and energy prices, the PCE price index increased 4.9 percent, compared with an increase of 4.4 percent.Ĭurrent-dollar personal income increased $278.9 billion in the first quarter, compared with an increase of $398.8 billion in the fourth quarter (table 8). The PCE price index increased 4.2 percent, compared with an increase of 3.7 percent. The price index for gross domestic purchases increased 3.8 percent in the first quarter, compared with an increase of 3.6 percent in the fourth quarter (table 4). In the fourth quarter, GDP increased 6.6 percent, or $414.1 billion (tables 1 and 3).

Imports turned up.Ĭurrent‑dollar GDP increased 5.1 percent at an annual rate, or $327.9 billion, in the first quarter, to a level of $26.47 trillion. These movements were partly offset by an acceleration in consumer spending, an upturn in exports, and a smaller decrease in residential fixed investment. Within imports, the increase reflected an increase in goods (mainly durable consumer goods and automotive vehicles, engines, and parts).Ĭompared to the fourth quarter, the deceleration in real GDP in the first quarter primarily reflected a downturn in private inventory investment and a slowdown in nonresidential fixed investment. Within residential fixed investment, the leading contributor to the decrease was new single-family construction. The decrease in private inventory investment was led by wholesale trade (notably, machinery, equipment, and supplies) and manufacturing (led by other transportation equipment as well as petroleum and coal products). Within nonresidential fixed investment, increases in structures and intellectual property products were partly offset by a decrease in equipment. The increase in state and local government spending primarily reflected an increase in compensation of state and local government employees. Within federal government spending, the increase was led by nondefense spending.

Within exports, an increase in goods (led by consumer goods, except food and automotive) was partly offset by a decrease in services (led by transport). Within services, the increase was led by health care and food services and accommodations. Within goods, the leading contributor was motor vehicles and parts. This is book number 27 in the Magic Tree House series.The increase in consumer spending reflected increases in both goods and services.

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