GDP Misses – But Hey, It Could Have Been Worse

Well, in light of Thursday's, how shall we say, "less-than-encouraging" data, Goldman was out reducing their Q1 GDP tracking estimate by three tenths to +1.1% (qoq ar) ahead of Friday's advance GDP report. And, in a rather dour assessment, the Atlanta Fed cut their final GDPNow model forecast for real growth (seasonally adjusted annual rate) in Q1 to 0.2% (down from 0.5% a little over a week ago). Ultimately, consensus coming into Friday was 1% with a high of 2.2% and a low of 0% according