Q1 GDP: -6.1%

Economists were looking for a decline of 4.6%, so this is a big miss. But stocks are ticking up initially on the news.

Bear in mind that this is the first of many measures for Q1, so there will be revisions.

The BEA’s release is here

Some interesting factors include a decline in public sector spending, but a 2.2% increase in consumer spending. Also extremely weak was business investment spending.

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