Free Markets, Free People
Economic Statistics for 27 Apr 12
The following statistics were released today on the state of the US economy:
The Commerce Department’s initial estimate of 2012 first quarter GDP is a below-trend—and lower than expected—2.2% annualized rate of GDP growth, down sharply from the 4Q 2011 rate of 3.0%. The GDP price index rose 1.5%. The GDP decline is mainly due to a 3% drop in government purchases. Strength was largely in personal consumption expenditures, which rose 2.9%.
Consumer sentiment is inching up, with the index rising to 76.4 for the month.
The Employment Cost Index rose 0.4% last quarter, mainly due to wage increases, though the increase is down from last quarter’s 0.5%. Year over year, the ECI is up 1.9%.