For the first quarter, contraction was at a worse level than 4th quarter of last year – 6.4% vs. 5.4%. But after a string of better than expected economic data reported the past few days, GDP growth (contraction) surely followed, beating forecast of a 1.5% contraction to a seasonlly adjusted number of 1%. This is a big jump from previous quarter’s number.
Even with a reported slower consumer spending, smaller declines in exports, business spending and better inventory liquidation all contributed to the cut.
Get more information via this WSJ report.