U.S. real gross domestic product oozed up at a seasonally adjusted annual rate of 0.1% for the first quarter of 2014, according to a Commerce Department report (link opens as PDF) released today.
This advance estimate number roughly represents the economic growth in the U.S. from the fourth quarter of 2013 to the first quarter of 2014. Analysts had expected softer growth after fourth-quarter 2013 GDP growth clocked in at a strong 2.6%, but their 1.1% growth prediction proved overly optimistic.
According to the report, the latest quarter's absolute GDP increase came primarily from a boost in personal spending. But slowing growth for exports and nonresidential fixed investments kept the improvements in check.
This latest report also publishes inflation numbers via the GDP Price Index. Inflation increased at a seasonally adjusted annualized rate of 1.4%, below both the fourth quarter's rate (1.5%) and analyst estimate for this quarter (1.7%).
As this advance report is based on incomplete data, the second of three first-quarter 2014 GDP estimates will be released on May 29.