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From cnbc.com
GDP in the first quarter is expected to have grown at a brisk pace of 2.5%, which is far from the initial estimates of near zero growth.
The first quarter was "doomed to fail from the start," according to Stephen Stanley, chief economist at Pierpont Amherst. There was a five-week government shutdown until the end of January; the stock market experienced a massive sell-off at the end of December, and the freezing cold and bad weather of January and February slowed down all kinds of activities.
"More simply the evolution of forecasts, maybe two months ago, people were talking about a recession. The reasons are pretty obvious. … (full story)
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