**♻️ TODAY US ****#gdp**** FORECAST
🎁 Q1 GDP growth to register a meaningful deceleration to 1.2%
🌼 We now expect the first estimate of Q1 GDP growth to register a meaningful deceleration to 1.2% q/q AR (consensus: 2.0%) following a solider, above-trend 2.6% expansion in Q4.
⭐ We had initially projected output to have increased by 2.3% for Q1, but Wednesday's advanced indicators for March pointed to a larger-than-expected drag from inventories.
🎗️ We continue to expect the US consumer to have acted as a major positive driver of economic activity.
🔥 However, recent downward revisions to Q1 retail sales data may temper the pace of spending.**