"U.S. Q1 GDP revised down 6.4% vs -5.5 prev est"
So this morning revision of the United States GDP confirms the drastic decline to the America economy. Consumer spending also was down more then expected during the Q1.
The initial GDP report of -1.0 for the Q2 seems more favorable then expected. However, if this gets revised again, it may not meet the -1.5% that was projected by most economist.
This recession will continue to be drawn out till demand comes back influx with the global economy. Continue to look at labour increasing only when projects, and demand warrant it. Earnings continue to be driven through cost cutting measures rather then revenue growth for most companies.