GDP misses expectations, dips 1%
The nation's gross domestic product decreased at an annual rate of 1 percent during the first quarter, missing earlier estimates of 0.1 percent growth, the federal government said.
The second GDP estimate, released Thursday by the Bureau of Economic Analysis, is based on what it said was more complete source after a decline in private inventory investment that was larger than previously estimated.
The lower-than-expected results also reflected a drop in exports, declines in fixed investments and lower local government spending.
Despite the GDP dip, consumer spending increased 3.1 percent in the first quarter, although it was down slightly compared to an increase of 3.3 percent in the fourth quarter of 2013. Durable goods increased 1.4 percent, slower than the fourth quarter increase of 2.8 percent, and nondurable goods increased 0.4 percent, compared with an increase of 2.9 percent the previous quarter.
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