US Q1 GDP third reading +1.4% annualized vs +1.2% expected

The third look at US first quarter GDP
– The 1.2%
– Q4 was 2.1%
– Personal consumption 1.1% vs 0.6% expected
– Consumption in the second reading was +0.6%
The big story is the large upward revision in consumption. Never underestimate the spending power of the US consumer.