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mpc: 7 In the United States, the latest estimates for GDP and expenditure in 2003 Q4 had left estimated GDP growth unrevised at 1% on the quarter. Data for 2004 Q1 suggested that growth had been robust, but probably a little weaker than the Committee had expected at the time of the February Inflation Report. On the output side, industrial production had increased rapidly in January and February. New orders had continued to pick up, and the Institute for Supply Management's headline indices for both manufacturing and services had risen in March ­ the latter reversing its fall in February, reaching its highest level since the series began in 1997. Corporate profitability had continued to rise and the share of profits in GDP was at its highest since 1968. However, consumer spending growth had been lower in January and February than the Committee had expected, and consumer confidence had not risen significantly in March, after a sharp fall in February.