The third time was the charm when it comes to growth in the economy.
The Commerce Department has taken its third and final look at how things were going in the first quarter and determined that real gross domestic product (GDP) -- the value of the goods and services produced by the nation’s economy less the value of the goods and services used up in production -- expanded at an annual rate of 1.1%.
That's somewhat better than the 0.8% rate in the second estimate, but slower than the 1.4% rate chalked up in the final three months of 2015.
The increase in the first quarter comes from contributions from consumer spending, residential fixed investment, state and local government spending, and exports. Those were offset by declines in nonresidential fixed investment, private inventory investment, and federal government spending. Imports, which are a subtraction in the calculation of GDP, were lower.
The slowdown in real GDP from the fourth quarter reflected a deceleration in consumer spending, a larger drop in nonresidential fixed investment, and a downturn in federal government spending that were partly offset by advances in state and local government spending and exports and an acceleration in residential fixed investment.
The price index for gross domestic purchases, which measures prices paid by U.S. residents, rose 0.2% in the first quarter, half the increase seen in the fourth.
The core rate, which excludes the volatile food and energy categories, was up 1.4%, versus a 1.0% increase in the final quarter of last year.
Profits from current production rose by $34.7 billion in the first quarter, after declining $159.6 billion in the fourth.
Taxes on corporate income increased $4.4 billion in the first quarter, in contrast to a decrease of $32.2 billion in the fourth.
The complete report is available on the Commerce Department website.