June 28, 2007

Final 1Q07 GDP, at 0.7%, Is Barely Revised Up from May

Filed under: Economy, Taxes & Government — TBlumer @ 9:05 am

NOTE: This post was revised. An earlier version of this post stated that final GDP was unchanged because that’s what BEA’s e-mail announcement (which was obviously wrong) said.

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The BEA press release showing that first quarter 2007 Gross Domestic Product growth was an annualized 0.7% is here.

Previous posts on the prior releases and comments on the quarter’s results are here and here.

With the ISM’s Manufacturing and Non-Manufacturing reports running comfortably in expansion mode, I don’t see how the second quarter’s GDP can fail to improve, hopefully quite a bit, on the first quarter’s dismal result.

3 Comments

  1. I am assume the Residential Fixed Investments includes the housing market? Ouch! 6 quarters of consecutive contraction. Hopefully it will be over soon, at what levels (corresponding year) does this put the housing market in terms of inventory and sales volume?

    Comment by dscott — June 28, 2007 @ 12:11 pm

  2. #1, great Qs. Don’t know. Will have to catch up on this later, though the ISM reports including the housing sector(s).

    Comment by TBlumer — June 28, 2007 @ 12:21 pm

  3. Here you go Tom, these two articles http://calculatedrisk.blogspot.com/2007/06/housing-update-june-2007.html and http://calculatedrisk.blogspot.com/2006/12/housing-in-2007.html does an excellent job, and check the graphs. http://bp3.blogger.com/_pMscxxELHEg/Rks7xUEphxI/AAAAAAAAAgE/LnfVIsPGG7U/s1600-h/Starts+Completions+Recessions+0407.jpg

    Comment by dscott — June 28, 2007 @ 3:46 pm

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