Revisions to US first quarter GDP growth have seen it drop from 2.4 per cent to a lowly 1.8 per cent on annualised basis (release). In the terms you'd see in the UK, that's from 0.6 per cent to 0.45 per cent.
This follows a week of strong US data beats, so some may be pleased at taper-off signals - when markets have been worried about good data seeing the Federal Reserve turn off the quantitative easing taps. US treasuries have risen on the news.
US GDP revised down to 1.8%. The big question: is this bad news=bad news or bad news=good news.— financial acrobat (@finansakrobat) June 26, 2013
Nonresidential fixed investment growth was revised from 2.2 per cent to 0.4 per cent. Personal consumption expenditures came in at just 2.6 per cent (estimates of 3.4 per cent growth prior).
With the third estimate for the first quarter, the increase in personal consumption expenditures (PCE) was less than previously estimated, and exports and imports are now estimated to have declined.