1st Quarter GDP revised up to 0.9%

from Carpe Diem

U.S. economic growth was slightly better than previously reported for the first quarter, primarily because a weakened dollar reduced imports, according to a revise reading on gross domestic product announced Thursday.

GDP, the broadest measure of the nation's economic activity, stood at an annual rate of 0.9% in the first quarter, adjusted for inflation, the Commerce Department said. That matched the consensus prediction of economists surveyed by Briefing.com.

"Nine-tenths of a percent is not strong on its own right, but if the second quarter does not show decline, it's very unlikely we'll have a recession in 2008," said Wachovia economist Mark Vitner.

read the CNN story

My Thoughts: Not quite the gloom and doom people have been predicting for 6 months.