After a rough first print and controversy over seasonal adjustment procedures, Q1 2015 GDP ended the standard revision cycle with negative growth, but much better than the -0.7% QoQ SAAR growth seen in the second revision. The -0.2% QoQ SAAR growth rate was right in line with Wall Street expectations. Of course, this revision is still being done under the old BEA methodology which means we can expect a new revision (as well as revisions for quarterly 2012 – 2014 growth) on July 30th. Given that we’re in the meat of Q2 growth input reporting, the fact that this was the third revision, and further revisions are expected within a month anyways, there wasn’t any market attention on this figure, and there shouldn’t have been.
As far as category revisions go, every major category was revised somewhat higher, led by consumption and inventories. At left, we update our quarterly GDP tracking table to reflect the new data, and note some of the changes in the commentary section.