US GDP - 2023-04-26

Q1 real GDP at 1.1% is a miss versus the consensus for 1.9%. Housing contracted slightly, but the big disappointment was inventories (if it weren't for their 2.3% decline, GDP growth would have been 3.4%). This doesn't mean inventories were heavily liquidated -- they weren't at all. They just ever so slightly reversed last quarter's strong pace of growth.