Q1 GDP was revised to a decline of 5.7%, an improvement from the initial
reading of -6.1% but a touch weaker than the forecast of -5.5%. A
downward revision to personal consumption to 1.5% from 2% was offset by
a slightly less than expected drop in gross private investment, exports
and a less of a drag from inventories. The government spending drop was
also revised slightly higher. Real final sales, which takes out the
influence of inventories, was left unchanged at -3.4%. With the economy
2/3 done with Q2 and the market looking towards an expected improvement
in 2nd half GDP, this revision should be looked at as old news.
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