Whoops: GDP Revised DOWN To 2.8%

The number:

2.8% is not that hot. Analysts were looking for 3.3% on this second reading of Q4 GDP.

This compares to an initial reading of 3.2%.

The downward revision to the per cent change in real GDP primarily reflected an upward revision to imports and downward revisions to state and local government spending and to personal consumption expenditures (PCE) that were partly offset by an upward revision to exports.

Here’s the one sentence explanation of the revision from the BLS

Markets are still higher at the moment.

The full announcement is here.

Background: The initial GDP reading came in at 3.2%. Analysts are looking for 3.3%.

Nobody seems to be anticipating anything too exciting on this front.

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