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We first heard that the GDP contraction of 1% was an anomaly. Now, the Commerce Department has revised its report from the Bureau of Economic Analysis, stating the the GDP fell -2.9% in the first quarter.

Here’s the summary:

“Real GDP declined 2.9 percent in the first quarter, after increasing 2.6 percent in the fourth. This downturn in the percent change in real GDP primarily reflected a downturn in exports, a larger decrease in private inventory investment, a deceleration in PCE, and downturns in nonresidential fixed investment and in state and local government spending that were partly offset by an upturn in federal government spending”.

Exports dropped 8.9%

Real final sales of domestic product dropped 1.3%

Real nonresidential fixed investment decreased 1.2%

Nonresidential structures decreased 7.7%

Equipment decreased 2.8%

Real residential fixed investment decreased 4.2%

The one bright spot? Intellectual property products increased 6.3%

You can read the highlights of the report here, along with the May durable-goods report and business investment outlook.

If we see a negative GDP after the second quarter, we’ll be in recession territory again.