“Welcome To The Contraction”: Q1 GDP Drops By 0.7%, Corporate Profits Crash

by Tyler Durden
ZeroHedge.com
05/29/2015

And you thought the preliminary 0.2% Q1 GDP print from last month was bad. Moments ago, just as we warned, the BEA released its latest, first, revision of Q1 GDP (pre second-seasonal adjustments of course), and we just got confirmation that for the third time in the past four years, the US economy suffered a quarterly contraction, with the Q1 GDP revised drastically from a 0.2% growth to a drop of -0.7%: the worst print since snow struck, so very unexpectedly, last winter.

The Rest…HERE

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