Monthly US gross domestic product (GDP) declined by 0.4 per cent in March following a flat reading in February. The latter was revised up from the prior estimate of a 0.1 per cent decline. The decline in March was more than accounted for by a sharp decline in net exports stemming from a surge in imports, according to London-based IHS Markit.This and a few other small subtractions were partially offset by increases in non-farm inventory investment, personal consumption expenditures and non-residential fixed investment.
Monthly US gross domestic product (GDP) declined by 0.4 per cent in March following a flat reading in February. The latter was revised up from the prior estimate of a 0.1 per cent decline. The decline in March was more than accounted for by a sharp decline in net exports stemming from a surge in imports, according to London-based IHS Markit.
The level of GDP in March was 1 per cent below the first-quarter average at an annual rate. Implicit in IHS Markit’s latest forecast of 1.8 per cent GDP growth in the second quarter are increases in GDP averaging 0.3 per cent per month (not annualised) during the three months of the second quarter.
Fibre2Fashion News Desk (DS)