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NATIONAL ECONOMIC UPDATE Data from economic indicators continue to be mixed. Disappointing employment numbers for the Nation were reported alongside lower gasoline prices. U.S. real GDP expectations continue to fall as the BEA announced a lower "second" estimate for 1 5t quarter 2012. Internationally, the Euro zone sovereign debt situation continues to decline and the worsening economic situation in Spain is a rising concern. National Gross Domestic Product (GDP) • In the first quarter of 2012 real GDP, the output of goods and services produced by labor and property located in the United States, increased at an annual rate of 1.9 percent, according to the "second" estimate released by the Bureau of Economic Analysis. 0 • The increase in real GDP in the first quarter reflected positive contributions from personal consumption expenditures (PCE), exports, residential fixed investment, private inventory investment, and nonresidential fixed investment that were partly offset by negative contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, increased. Manufacturer's Shipments, Inventories and Orders New orders for manufactured goods in April, down three of the last four months, decreased $2.9 billion to $466.0 billion. This followed a 2.1 percent March decrease. Shipments of manufactured goods, down following four consecutive monthly increases, decreased $1.5 billion or 0.3 percent to $473.2 billion. This followed a 0.1 percent March increase. Inventories of manufactured goods, up 22 of the last 23 months, increased $0.1 billion to $607.2 billion. This is the highest level since the series was first published on a NAICS basis in 1992. Personal Income & Consumer Spending • Real disposable income increased 0.2 percent in April, the same increase as in March, according to the Bureau of Economic Analysis. • Personal income increased $31.7 billion, or 0.2 percent, and disposable personal income (DPI) increased $22.0 billion, or 0.2 percent, in April. • Personal consumption expenditures (PCE) increased $31.8 billion, or 0.3 percent, in April. Housing • Sales of new single - family houses in April were at a seasonally adjusted rate of 343,000 according to estimates by the U.S. Census Bureau and HUD. The median sales price of new houses sold in April was $235,700. • Single- family authorizations in April were at a rate of 475,000. This is 1.9 percent above the revised March figure of 466,000. • Single- family housing starts in April were at a rate of 492,000. Advance Monthly Retail and Food Service Sales • Advanced estimates of U.S. retail and food services for April were $408.0 billion, an increase of 6.4 percent from April 2011. • Retail trade sales were up 6.1 percent from April 2011. Non -store retailers' sales were up 11.0 percent from April 2011. If you would like to be added to the distribution list please contact: Derek Ramirez, Economist, LEAD ( dramirez (@nccommerce.com 919 - 715 -2358) Report Author: Derek Ramirez — Economist Previous Monthly Overviews are available on Commerce's website by clicking here or at the link below: http: // www.nccommerce.com /en /AboutDOC/ Publ icotionsReports/ EconomicDevel opmentReports /Month/y0verview.htm Labor and Economic Analysis Division; May M1(;Lhr &tuber 1 1 -1 Page 367