RAPAPORT... Real gross domestic product (GDP) in the U.S. for first quarter of 2010, measuring the output of goods and services, rose 3.2 percent from the fourth quarter of 2009. As a comparison, one year ago first quarter GDP dropped  6.4 percent.  The Bureau of Economic Analysis, which is part of the U.S. Department of Commerce,  emphasized that the first-quarter figure was an advance estimate based upon source data that are incomplete and subject to further revisions.

Current-dollar GDP -- the market value of U.S.  output of goods and services -- increased 4.1 percent, or by $147.6 billion, in the first quarter to  $14.6 trillion.  In the fourth quarter, the increase was 6.1 percent.

Government data found that positive contributions to the GDP included personal consumption, private inventory investment, exports, and nonresidential fixed investment. There were decreases  in state and local government spending and in residential fixed investment.  Imports, which get subtracted from the calculation,

Real personal consumption expenditures increased 3.6 percent in the first quarter, compared with an increase of 1.6 percent in the fourth quarter.  Durable goods increased 11.3 percent, whereas in fourth quarter the figure was flat.  Nondurable goods increased 3.9 percent, compared with an increase of 4 percent.  Services increased 2.4 percent, compared with an increase of 1 percent.

The price index for gross domestic purchases, which measures prices paid by U.S. residents, increased 1.7 percent in the first quarter, compared with an increase of 2 percent in the fourth.

Real exports of goods and services increased 5.8 percent in the first quarter, compared with an increase of 22.8 percent in the fourth.  Real imports of goods and services increased 8.9 percent, compared with an increase of 15.8 percent.  The change in real private inventories added 1.57 percentage points to the first-quarter change in real GDP after adding 3.79 percentage points to the fourth-quarter change.  Private businesses increased inventories $31.1 billion in the first quarter, following decreases of $19.7 billion in the fourth quarter.

Real final sales of domestic product -- GDP less change in private inventories -- increased 1.6 percent in the first quarter, compared with an increase of 1.7 percent in the fourth.  Real gross domestic purchases -- purchases by U.S. residents of goods and services wherever produced -- increased 3.8 percent in the first quarter, compared with an increase of 5.2 percent in the fourth.

Current-dollar personal income increased 3.9 percent, disposable personal income increased 1.5 percent and real disposable personal income was unchanged. Personal outlays increased 5 percent by $130.4 billion. Personal saving -- disposable personal income less personal outlays -- was $340.8 billion in the first quarter, compared with $429.3 billion in the fourth. The personal saving rate -- saving as a percentage of disposable personal income -- was 3.1 percent in the first quarter, compared with 3.9 percent in the fourth.