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US GDP growth revised down to 2.2% in Q1

The U.S. economy grew an annual rate of 2.2% in the first quarter, down from an initial estimate of 2.3% and slower than the 2.9% growth seen in the fourth quarter of 2017, according to data from the Bureau of Economic Analysis showed.

The downward revision reflected lower-than-estimated private inventory investment, residential fixed investment and exports.

The slowdown in first-quarter real GDP growth was due to deceleration in personal consumption expenditures, or PCE, exports, state and local government spending, and federal government spending and a downturn in residential fixed investment, BEA said. These slowdowns were partly offset by an upturn in private inventory investment and a larger increase in nonresidential fixed investment. Imports slowed.

The PCE price index edged up 2.6% in the first quarter, down from 2.7% in the advance estimate and in the prior three months. Excluding food and energy prices, the PCE price index increased 2.3%, compared with an increase of 1.9% in the fourth quarter of last year.