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Q1 US GDP revised upward

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Q1 US GDP revised upward

Final estimate shows contraction of 0.2%

The Commerce Department announced today that its final reading of Q1 US GDP growth was -0.2%, an upward revision of its previous estimate of -0.7%.

The contraction, in line with analysts’ estimates, is largely considered to be the result of severe weather early in the quarter, along with a West Coast port strike (now resolved), a strong US dollar and cuts in energy investment due to the collapse in oil prices.

While Q2 economic data has been somewhat inconsistent, most observers believe that GDP growth in the quarter will be positive given the recent uptick in consumer spending, hiring and housing.

Countering that view, however, is a marked slowdown in manufacturing, which remains crucial to long-term growth.

See the full report here.

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