Numbers nudged down for the Commerce Department's second estimate of first-quarter GDP growth, according to a report (link opens in PDF) released today.

In this most recent estimate, Q1 quarter-over-quarter real GDP growth clocked in at 2.4%, 0.1 percentage points below the Department's initial estimate. Analysts had expected the Commerce Department to stick with its initial 2.5% reading. A third estimate of Q1 GDP is expected June 26 from the department.

According to today's report, increases in private inventory investment and exports proved smaller than initial estimates had shown. Imports (a negative value on GDP) were also previously overestimated, according to the latest review, but their diminished effect wasn't enough to overshadow other declines.

In the report, the Commerce Department notes that, despite the drop, "the general picture of overall economic activity is not greatly changed." The majority of quarter-to-quarter gains came from increases in consumer spending, private inventory investment, fixed investment, and exports. Decreased government spending (a positive value on GDP) was the main drag on growth.

Inflation also dropped 0.1 percentage points to 1.1% between the first estimate and the most recent one, providing a slightly positive spin. In Q1 2012, both inflation and GDP quarter-over-quarter growth clocked in at 2.0%, according to the latest estimate.