More Soft Economic Data, Q1 GDP Revised Lower, Q4 GDI Significantly Lower

The economic slowdown continues led by income and consumer spending. The BEA made significant revisions to Gross Domestic Product (GDP) and Gross Domestic Income (GDI) data for 2024 Q1 and 2023 Q4 respectively. GDI is not reported in in the first release of GDP so the revision for GDI pertains to 2023 Q4.