Opinion

First-quarter U.S. GDP growth revised up to 0.8 percent

• May 27, 2016

Adam Rombel

ROMBEL ON BUSINESS

U.S. economic growth slowed in the first three months of the year, but not quite as much as first reported a month ago.

The U.S. Commerce Department’s Bureau of Economic Analysis (BEA) today revised upward its first-quarter estimate of the nation’s real gross domestic product (GDP) growth to 0.8 percent, from the 0.5 percent it reported on April 28.

(Sponsored)

Does Your Nonprofit Need an Annual Audit?

Many people wonder if a nonprofit needs an annual audit, and the answer is—it depends.Although there is no federal requirement that all tax-exempt organizations undergo an audit, many possible triggers

Read More

Recent Court Decision Supports Requiring Employees to Be In the Workplace

A recent Federal Court decision confirmed that the Family Medical Leave Act (FMLA) does not require employers to allow employees to work remotely.   In Kemp v. Regeneron Pharmaceuticals, Inc.,

Read More

The first-quarter GDP growth was down from 1.4 percent growth in the fourth quarter of last year, 2 percent in the third quarter, and 3.9 percent in the second quarter.

The first-quarter GDP reading’s upward revision was led by a bigger gain in residential fixed investment and smaller drags from private inventory investment, exports, and imports than first thought, according to the BEA data.

The BEA defines real GDP as the value of the goods and services produced by the nation’s economy, minus the value of the goods and services used up in production, adjusted for price.

Today’s revised GDP estimate is subject to yet another revision by the BEA, as more updated information is incorporated. The bureau said it will issue a third estimate for first-quarter GDP on June 28.

Contact Rombel at arombel@cnybj.com