Barclays held its forecast at 3 percent, but said the number could now prove too low, and Pierpont Securities raised its expectation to 3.5 percent from 2.9 percent.
Credit Suisse economists have a 4 percent target for the second quarter, given the first-quarter inventory data and a pickup in momentum. "Even so, 4 percent growth followed by -1.0 percent would still only leave the two-quarter moving average at 1.5 percent," they said in a note.
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Chris Rupkey, chief financial economist at Bank of Tokyo Mitsubishi, said the data provide backup for both a half-full and half-empty view of the economy. But the data are rearview and point to a better economy going forward.
"The revision was all in inventories. No worries. Consumer spending, two-thirds of the economy, is rock solid at 3.1 percent, up a tenth from the 3.0 percent estimate earlier. Don't talk down the economy with consumer spending numbers this strong regardless of the 1 percent drop in GDP," he wrote in a note.
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