US Q1 GDP Estimate Revised Down To 2.4%

As US is being paraded around as the only hope to save the sinking ship of eurozone, buffer the meltdown in China and just turn things around somehow, the Bureau of Economic Analysis has revised down Q1 GDP growth estimate another notch this time.

The Q1 GDP growth is expected to come at 2.4 percent now, revised down from the month ago estimate of 2.5 percent. This misses economic forecasts that were expecting it to remain unchanged. Personal consumption growth estimate was pushed up from 3.2 percent to 3.4 percent, exceeding expectation of revision to 3.3 percent.