US economic contraction revised down to 1.5% for Q1: Commerce Department

By Ovunc Kutlu

ANKARA (AA) - US economic contraction revised down to 1.5% for the first quarter of 2022, according to the Commerce Department's second reading released on Thursday.

The first reading made on April 28 recorded real gross domestic product (GDP) decreasing at an annual rate of 1.4% in the first quarter of this year.

"The update primarily reflects downward revisions to private inventory investment and residential investment that were partly offset by an upward revision to consumer spending," the Commerce Department said in a statement.

The current‑dollar GDP stood at $24.38 trillion in the first quarter.

The US Federal Reserve's inflation indicator core PCE price index, which excludes food and energy prices, increased 5.1% in the first quarter, according to the second reading. It is revised up from the 5% increase made in the first reading.