MA’s Monthly GDP Measure Rose 0.1% in April

Monthly GDP rose 0.1% in April following a 0.1% increase in March, which was as originally reported.  The soft April increase reflected a solid increase in domestic final sales that was partially offset by a decline in net exports.  Nonfarm inventory investment rose only modestly.  The increase in domestic final sales was primarily accounted for by PCE.  The level of monthly GDP in April was 1.2% above the Q1 average at an annual rate.  Our current forecast of 3.2% Q2 GDP growth assumes a robust increase in May reflecting a sharp increase in nonfarm inventory investment.


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