MA’s Monthly GDP Measure Slipped 0.1% in January

Monthly GDP slipped 0.1% in January following a 0.1% increase in December that was revised down one-tenth.  The January decline reflected subtractions from residential investment, PCE, and net exports that were partially offset by an increase in nonfarm inventory investment.  The level of monthly GDP in January was 0.7% above the fourth-quarter average at an annual rate.  Implicit in our forecast of 1.8% (annualized) growth of real GDP in the first quarter are increases in monthly GDP in February and March of 0.3% and 0.2%, respectively.


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