A couple of months ago it looked like GDP growth had slowed down a lot, clocking in at an anemic 1.1% in the first quarter. Then it was revised upward to 1.3%. Then, today, it was revised upward yet again:
BEA now says that Q1 growth was 2.0%. That's not barnburning, but it's respectable.
GDI was also revised upward from -2.3% to -1.8%. The average of GDP and GDI, which in some circles is considered a more accurate measure of true growth, was revised up from -0.5% to +0.1%. I don't know if this is really a better measure of growth, but it does produce a different picture than GDP alone:
Average GDP growth over the past five quarters is 1.1%. Average GDP/GDI growth is 0.3%. It's quite something not to know for sure which is really correct.
BEA now says that Q1 growth was 2.0%. That's not barnburning, but it's respectable.
And that's with more than a year of Fed interest rate hike headwinds, too.