GDP Revised, Consumer Spending, and Productivity Stats for early 2008

Some new stats:

US Productivity grew at 2.6% in the first quarter of 2008

2.5% was expected by analysts
2.2% was the original prediction

Annual output is 0.7% (previously reported as 0.4%)

Worker hours reduced 1.8% (US economy in a funk)

  • Third quarter in a row that saw declines in worker hours

Unit labor costs rose by an annual 2.2%, faster than 2.0% estimated

  • 4.7% for the final quarter of 2007 – inflation concern

GDP revised to 0.9% from the original number of 0.6% for the first quarter of 2008

Consumer spending rose 0.2% in April ’08

Income growth was also 0.2%

  • Would have been 0.1% if not for the stimulus package

Businesses have cut jobs for four straight months

The personal savings rate is 0.7%


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