On Friday, the Commerce Department reported that U.S. GDP in the first quarter was revised up to a 5.7% annualized decline from its initial estimate of a 6.1%.
One reason for the revision was higher-than-expected inventories and a narrowing trade gap. A bright spot is that corporate profits rose 12.9% to $1.052 trillion after a 28.4% decline in the fourth quarter. This is a welcome change from the fourth quarter, but compared to the first quarter a year ago, corporate profits are down 22%.
The current estimate for second-quarter GDP is a fall of 1.8%.