GDP TURNS POSITIVE BUT MISSES EXPECTATIONS
GDP rose 0.1 percent, missing economists' predictions of a bigger 0.5 percent gain.
Personal consumption growth came in at 2.1 percent, below both the advance estimate (2.2 percent) and expectations (2.3 percent).
The biggest positive drivers were consumption of durable goods, which contributed 1.01 percentage points to GDP growth, and nonresidential fixed investment in equipment and software, which contributed 0.79 percentage points.
The biggest factors weighing on growth were nonfarm private inventories, which subtracted 1.70 percentage points from GDP growth, and federal defense spending, which subtracted 1.28 percentage points.
UBS economist Drew Matus said in an interview with CNBC following the release that while the number turned positive, the details got worse – so he would have preferred the negative number. Matus was referring to the downward revision to personal consumption growth.