GDP Revised Down to 2.7%

Marketwatch details the revision from 3.2% --> 3.0% --> 2.7% Q1 GDP:

U.S. real gross domestic product for the first quarter was revised down to an increase of 2.7% annualized from the earlier estimate of a 3.0% rise, the Commerce Department said Friday. Economists surveyed by MarketWatch expected first-quarter growth to be unrevised at up 3.0%. The revision to first-quarter GDP was largely due to weaker consumer spending and a widening trade deficit.

Breakdown of Q1 GDP