Production: Fourth Quarter Was Even Better than We Thought at the Time; First Quarter Looks Just OK...
Macroeconomic Advisers says:
In response to incoming data, especially on inventories... fourth-quarter GDP growth is poised to be revised up to 6.0%... incoming data are consistent with our tracking forecast for 3.1% growth of GDP in the first quarter.... Last week we did shave two-tenths from our forecast for first-quarter GDP growth--which now stands at 3.1%--largely because aircraft deliveries (from Boeing) were below expectations, but the general tenor of incoming data is consistent with our forecast for a continued recovery and solid GDP growth in early 2010...
