This isn't the recovery Americans were hoping for.
NEW YORK (CNNMoney) — Uh-oh. The U.S. economy suddenly looks weaker, after the government revised its data for the first quarter.
Gross domestic product — the broadest measure of economic activity — rose at a mere 1.8% annual pace between January and March, marking a sharp downward revision from the 2.4% pace reported by the Commerce Department last month.
The government revises its GDP figures several times, but economists weren’t expecting such a dramatic change from the third estimate.
“This was certainly unexpected and, I believe, rare,” said Jennifer Lee, senior economist with BMO Capital Markets, referring to the revision.
The weaker figures came primarily from revisions to consumer spending, exports and commercial real estate.
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