Federal Government’s Third Estimate of GDP for First Quarter of 2023

The Federal Reserve is closely monitoring the latest GDP data, which shows a significant slowdown in growth. The Bureau of Economic Analysis released its third estimate of gross domestic product for the first quarter of the year, revealing a drop from 3.4% to 1.4%. Fed Chair Jerome Powell is particularly focused on the “final sales” GDP data, which excludes exports, imports, and inventory investment to provide a clearer signal on underlying demand. While some economists see this as a positive sign of continued consumer spending and business investment, others believe it indicates a slowing economy. As the second quarter comes to a close, all eyes are on the evolving economic landscape.