People were looking for a 2.2% print, but instead Q1 GDP came in at 1.8%, exactly as the first measure.
What’s worse, personal consumption fell to 2.2% from 2.7%, when it was expected to rise to 2.8%.
The dollar is moving noticeably lower on the news.
Just add it to the list of signs the economy is clearly slowing down.
The full report can be found here.
Background: This is the second estimate of Q1 GDP, and it’s expected to show a revision from +1.8% to +2.2%.
This is welcome, although already at this point, it’s all kind of old news.