Unexpected: Original GDP Growth Figure of a Tepid 2.4% Reduced to a Puny 1.8%

Unexpectedly, unexpectedly. The vaunted Best and the Brightest seem to be surprised a lot more than the actual best and the brightest should be.

Economists polled by Reuters had expected first-quarter GDP growth would be left unrevised at 2.4 percent. When measured from the income side, the economy grew at a 2.5 percent rate, slower than the fourth-quarter's brisk 5.5 percent pace.

Details of the report, which showed downward revisions to almost all growth categories, with the exception of home construction and government, could cast a shadow over the Federal Reserve's fairly upbeat assessment of the economy last week.

Though the data is fairly backward looking, it comes as financial market conditions are tightening after Fed Chairman Ben Bernanke said last week the U.S. central bank would likely begin to slow the pace of its bond-buying stimulus later this year and stop the program in 2014.

Economists fear that could undercut growth, which has recently shown signs of picking up.

And thus we set up the next round of "This Completely Unsurprising News Is Somehow Completely Unexpected."

posted by Ace at 04:10 PM

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