Still on the road, but wanted to catch up on last weeks GDP revision. The Big Picture with the details of the change from last month's advance reading:
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.