On Wednesday, the Commerce Department reportedthe economy grew a weak 1.8% in the 1st Quarter, a big downward revision from its previous estimates. A big part of the decline is attributable to a steep downward revision in personal consumption. Commerce reported that consumption grew just 2.6%, after initially reporting it had grown 3.4% in the Quarter.
This is the third and final estimate of 1st Quarter GDP. Every time Commerce has reported GDP for the Quarter, it has revised its estimate downward. More complete data, then, reveals the economy to be weaker than many would like to believe.
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