1Q16 GDP Revised Upward To 1.1% Vs Early 0.8% -- June 28, 2016; 2Q16 Estimate/Forecast Dips Slightly

I guess if you give them long enough to "run the numbers," you can get any number you want. Whatever. Bloomberg reports:

The world’s largest economy expanded more than previously projected in the first quarter as improved performance in trade and business investment more than made up for weaker consumer spending.
Gross domestic product, the value of all goods and services produced, rose at a 1.1 percent annualized rate, compared with a previously estimated gain of 0.8 percent, a Commerce Department report showed Tuesday in Washington. Corporate profits at the start of the year were also revised up, giving a brighter picture to gross domestic income.

Meanwhile, for 2Q16, GDP Now forecasts as of June 24, 2016 (last week):

The GDPNow model forecast for real GDP growth (seasonally adjusted annual rate) in the second quarter of 2016 is 2.6 percent on June 24, down from 2.8 percent on June 17.

The forecast for second-quarter real residential investment growth declined from 3.6 percent to 1.7 percent yesterday (June 23, 2016) after the U.S. Census Bureau released data on new home sales, prices, and construction costs.

The forecast for the contribution of inventory investment to second-quarter growth declined from -0.41 percentage points to -0.53 percentage points after this morning's (June 24, 2016) advance durable manufacturing report from the Census Bureau.

Next 2Q16 forecast will be released tomorrow. 

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The Katie Ledecky Page

Qualifies For The 400 Meter Freestyle -- June 27, 2016