America's terrible 1st quarter wasn't as bad as we thought (SPY, DJI, IXIC, USD, TLT)
America's terrible first quarter wasn't as bad as we thought.
The third and final revision of Gross Domestic Product (GDP) came in at -0.2%, right in line with expectations.
In April, the first estimate from the Bureau of Economic Analysis showed a GDP print of -0.2%.
The second revision released a month later pushed down the GDP print to -0.7%.
So this final estimate, while negative, is an improvement.
The report also showed that personal consumption rose 2.1%, beating expectations.
Economists had forecast that personal spending rose to 1.9% from 1.8%, according to Bloomberg.
Wall Street had forecast 2% GDP growth in Q1, but that eluded the economy, and it changed its story in just a few weeks.
The Atlanta Fed, which nailed the first-quarter flop, sees the economy bouncing back in Q2 with 1.9% growth.
- Global growth is syncing for the first time in 5 years
- The Fed just slashed its economic outlook
- Americans produce a lot of garbage
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