US Q1 advance GDP +0.5% q/q annualized vs +0.7% expected

• Prior +1.4% (unrevised)
• Personal consumption +1.9% vs +1.7% exp
• Prior consumption +2.4%
• GDP price index +0.7% vs +0.5% exp
• Core PCE q/q +2.1% vs +1.9%

At first look, it appears as though higher inflation ate into real growth. It's a good sign that nominal growth held up but no one is celebrating a 0.5% growth pace.
More details:

• Consumer durable goods spending -1.6%
• GDP deflator +0.7% vs +0.6% exp
• Home investment +14.8% (Q4 was +10.1%)
• Business investment -5.9%
• Business investment in equipment -8.6%
• Business investment in structures -10.7% (Q4 was -5.1%)
• Exports -2.6% vs -2.0% prior
• Imports +0.2% vs -0.7% prior
• GDP ex motor vehicles +0.5%
• Inventories cut 0.33 percentage points from GDP