GDP revision was even worse than it was reported last month. Scary? Yes.
If you are shorting silver, you should be shaking now.
Our GDP was at +4.1% in Q4 2013. Two quarter later, we are at -2.9%. The dip is almost like the pre-market collapse in 2008. Will see what is next. More printing or QEs or something else.
Keep eyes on the news from the Fed today. . At the mean time, collect some precious miners stocks or ETF before they will take off.
Here is the report from cnbc.
The U.S. economy contracted at a much steeper pace than previously estimated in the first quarter, but there are indications that growth has since rebounded strongly.
The Commerce Department said on Wednesday gross domestic product fell at a 2.9 percent annual rate, the economy's worst performance in five years, instead of the 1.0 percent pace it had reported last month.
While the economy's woes have been largely blamed on an unusually cold winter, the magnitude of the revisions suggest other factors at play beyond the weather. Growth has now been revised down by a total of 3.0 percentage points since the government's first estimate was published in April, which had the economy expanding at a 0.1 percent rate.