Wednesday, June 10, 2015

Quarterly Services Survey suggests upward revision to Q1 GDP

by Bill McBride on 6/10/2015 11:18:00 AM

From Reuters: U.S. services data suggest upward revision to Q1 GDP

The Commerce Department's quarterly services survey ... showed consumption, including healthcare spending, increased at a faster clip than the government had assumed in its second estimate of gross domestic product published last month.

JPMorgan said the data suggested first-quarter consumer spending could be bumped up ... together with revisions for construction spending, trade and wholesale inventory data, suggests first-quarter GDP could be revised to show it contracting at a 0.2 percent rate instead of the 0.7 percent pace of decline the government reported last month.
Here is the Q1 Quarterly Services Press Release