PCE contributed to a better 6.1% Q1 GDP plunge

The report today of first quarter GDP came out much worse than expected by economists, 6.1% vs. 4.6%.  But the good news is that it is slightly better than the decline from Q4 in 2008, which stood at 6.3%.  While a lot of decline was seen in real estate and trade, it was the consumers that saved the day.  Some highlights of the report (Q1 ’09, Q4 ’08):

Price index for gross domestic purchases
Q1: down 1.0 percent
Q4: down 3.9 percent

Price index excluding food and energy prices
Q1: up 1.4 percent
Q4: up 1.2 percent

Slowing deflation and looming inflation?

More after the jump.Real personal consumption expenditures
Q1: up 2.2 percent
Q4: down 4.3 percent

Durable goods PCE
Q1: up 9.4 percent
Q4: down 22.1 percent

Nondurable goods PCE
Q1: up 1.3 percent
Q4: down 9.4 percent

Real exports of goods and services
Q1: down 30.0 percent
Q4: down 23.6 percent

Real imports of goods and services
Q1: down 34.1 percent
Q4: down 17.5 percent

Private businesses inventories
Q1: down $103.7 billion
Q4: down $25.8 billion

Personal outlays
Q1: up $18.1 billion (0.7 percent)
Q4: down $260.2 billion (9.5 percent)

Charting the contributions of the different sectors, (from Econompic)

gdpcontribute

The entire GDP report HERE (PDF).

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