Biden continues to amaze the market and astound doubters. He is threading the needle and pulling off a soft landing from the disaster Trump handed over to him. At this rate Biden will likely be reelected 3 more times. Here are the highlights:
Raw report numbers
Press release
NYTimes summary
- Personal savings increased to 4.8% from 4.0% in Q4
- After 4 quarters of reduced spending on goods they rose in Q1
- Services in line at 2.3% no real trend changes
- Residential market has been a mess all last year but stabilized to -4.2%
- Inventories are right sizing from overstocked 2022 numbers, non farm down -2.5%
- S&P rockets up 1.5% on the news
Raw report numbers
Press release
Gross Domestic Product, First Quarter 2023 (Advance Estimate) | U.S. Bureau of Economic Analysis (BEA)
Real gross domestic product (GDP) increased at an annual rate of 1.1 percent in the first quarter of 2023 (table 1), according to the "advance" estimate released by the Bureau of Economic Analysis. In the fourth quarter, real GDP increased 2.6 percent.
www.bea.gov
NYTimes summary
U.S. Economy Continues to Grow, but More Slowly
Gross domestic product increased 1.1 percent in the first quarter as consumer spending remained robust despite higher interest rates.
www.nytimes.com