Scuba_Vixen once bubbled...
You've compressed the air a bit into the chest area and lowered your total displacement...you still have the same amout of air you started with....
No, if you put a hand on your chest while you suck in your abdomen, you will notice that the chest rises, maintaining the overall volume of your body cavity. Similarly, if you are sucking in your abdomen as you inhale, you are just reducing the amount you are inhaling, not 'compressing' the air you inhaled. If you want definite proof, then try this next time you are diving. Once you reach a hover, hold your breath, (only for divers with perfect bouyancy control) make sure you maintain depth, and then try sucking in your abdomen. If you are right, you should sink. I'll tell you now that you won't.