Q1 GDP Revised at 1%

The Q1 GDP was revised to 1% from .9%.

"Upward revisions to exports, to consumer spending, and to business fixed investment were partly offset by an upward revision to imports and a downward revision to inventory investment," the Commerce Department said.

Inflation gauges for personal consumption expenditures, chain-weighted prices and domestic purchases were all revised slightly higher, according to Thursday's GDP report. The price index for personal consumption expenditures excluding food and energy rose 2.3%, at an annual rate, which is above the Fed's preferred range of around 1.5% to 2% for that index.

2.3% inflation? I wonder if anyone really believes that inflation is 2.3%. With inflation numbers like this, we probably will never go into a recession "officially".

In other news, weekly jobless claims were unchanged at 384,000. The four-week moving average rose to 378,250, the highest since Oct 2005.

In other news, weekly jobless claims were unchanged at 384,000. The four-week moving average rose to 378,250, the highest since Oct 2005.