Tilted
..
The GDP for the first quarter has been revised to -2.9%. I note this for a couple of reasons that make it interesting to me. First, this is the biggest third estimate revision in almost 40 years. Second, this would make the first quarter GDP change the worst outside of a recession in nearly 60 years. And, no, I don't think we're back in (what would most commonly technically be considered) a recession. For one thing, I think the second quarter GDP is going to rebound greatly. I say that based on what many businesses report seeing and based on a multitude of economic indicators that have been pointing to a much better second quarter. I also say that based on what many businesses reported regarding the first quarter - e.g., that they saw large weather effects in that quarter (or the earlier part of that quarter).
[h=1]Bad to worse: US economy shrank more than expected in Q1[/h]
And here is this morning's BEA release.
[h=1]Bad to worse: US economy shrank more than expected in Q1[/h]
And here is this morning's BEA release.