America's terrible first quarter wasn't as bad as we thought.

The third and final revision of Gross Domestic Product (GDP) came in at -0.2%, right in line with expectations.

In April, the first estimate from the Bureau of Economic Analysis showed a GDP print of -0.2%.

The second revision released a month later pushed down the GDP print to -0.7%.

So this final estimate, while negative, is an improvement.

The report also showed that personal consumption rose 2.1%, beating expectations.

Economists had forecast that personal spending rose to 1.9% from 1.8%, according to Bloomberg.

Wall Street had forecast 2% GDP growth in Q1, but that eluded the economy, and it changed its story in just a few weeks.

The Atlanta Fed, which nailed the first-quarter flop, sees the economy bouncing back in Q2 with 1.9% growth.

More to come...

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