Advance 1Q Gross Domestic Product rose at an annualized rate of 0.6%, slightly ahead of the estimate of 0.5%. Personal consumption slowed from 2.3% to 1.0% but came in ahead of the forecast of 0.7%. The PCE Price Index slowed from 3.9% in the final quarter of 2007 to 3.5% in 1Q and the core PCE Index, which excludes food and energy slowed from 2.5% to 2.2%. Details from Bloomberg...
The Chicago Purchasing Managers' Index rose from 48.2 to 48.3, ahead of the estimate of 47.5. New orders fell from 53.9 to 53.0, but employment fell from 44.6 to 35.3. Price paid dropped from 83.9 to 82.9. More from Bloomberg...
