US: Downward revision to retail sales responsible for GDP miss – ABN Amro – by eren_fxstreet GDP Growth UnitedStates Banks Macroeconomics
Commenting on the US growth data, "GDP growth slowed to 1.1% q/q annualised, according to the advance estimate, which was well below our and consensus forecasts for a 2% expansion, and down from 2.6% growth in Q4," said Bill Diviney, Senior Economist at ABN Amro.While the main drag came from a drop in inventories , a large downward revision toalso meant consumption was not as strong as expected.
The exceptional strength in goods consumption has been a surprise in the first quarter, given that for much of last year goods consumption had been on a cooling trend. Still, looking at more recent high frequency data does suggest goods consumption has since resumed its cooling trend, with for instance Redbook weekly department store sales slowing sharply of late.
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