No 957: May 2018 New Orders for Durable Goods, Third Estimate of First-Quarter GDP

(SGS Subscription required) • May 2018 New Orders for Durable Goods Declined Month-to-Month, Both Before and After Consideration of Inflation and Commercial Aircraft Orders
• First-Quarter 2018 Gross Domestic Product (GDP) Annualized Real Growth Revised Lower to 1.99% (Previously 2.17%, Initially 2.32%), Versus 2.89% in Fourth-Quarter 2017
• Hitting GDP Growth, Revised First-Quarter 2018 Net Exports Turned Negative, Moving into Alignment with Underlying Real Merchandise Trade Deficit Reporting
• Upwardly-Revised Gain in the Nebulous “Intellectual Properties” Category of Fixed Investment Boosted Revised GDP Growth by 0.50% (Previously by 0.29%)
• Contracting Consumer Goods and Housing Elements in the GDP Reflect Mounting Liquidity Stresses and Faltering Consumer Optimism
• First-Quarter Gross Domestic Income (GDI) Growth, Purported GDP-Equivalent, Revised Higher to 3.57% (Previously 2.80%), Versus 1.05% in Fourth-Quarter, Boosted by a Sharp Upside Revision to Nonfinancial-Industry Corporate Profits
• First-Quarter Gross National Product (GNP), the Broadest National Income Measure, Slowed to 1.91% (Previously 2.00%), down from 2.71% in Fourth-Quarter
• Better-Quality Economic Measures Show Continuing Economic Non-Expansion; Some Hit Likely to Historical GDP Growth in Pending Revisions

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