US 1q Gdp Likely to be revised down from 2.2% Q/q annualized to 1.7%

US 1q Gdp Likely to be revised down from 2.2% Q/q annualized to 1.7%




Quotes from RBS:
-US data has been mixed to soft to start 2Q, seemingly confirming that the unseasonably warm winter weather had an outsized positive effect on US data during 1Q. In particular, the non-farm payrolls rose 115K in April, but the trend in upward revisions still remains positive and the unemployment rate did slip to 8.1% in April from 8.2%.
-The ISM manufacturing index for April rose to 54.8 from 53.1 but the nonmanufacturing index slipped to 53.5 from 56, pulling the ISM composite index down to 53.7, its lowest since December. We expect 1Q GDP to be revised down from 2.2% q/q annualized to 1.7%, mostly due to softer March inventories.




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