National Association of Federal Credit Unions (NAFCU) Chief Economist Curt Long issued the following statement today in response to the Commerce Department’s second reading of first quarter GDP data.
“While first-quarter GDP remained low despite the upward revision, there are a number of reasons to anticipate a rebound in the second quarter,” said Long. “Incoming data has been noticeably stronger, the drags from low oil prices and a strong dollar were less than previously estimated, and there is still a possibility that the government’s seasonal adjustment continues to underestimate GDP in the first quarter while boosting it in subsequent quarters. Overall, this is another in a string of positive data releases which will provide plenty of ammunition for the Fed to raise rates no later than July.”