by Mike ‘Mish’ Shedlock
First quarter GDP came it at a very weak +0.5%.
Despite obvious weakness, that GDP estimate is likely overstated.
Moreover, hopes for a huge second quarter bounce are highly overrated.
Those are pretty bold statements so let’s consider the case.
Seasonal Adjustment Flashback
Dateline May 22, 2015: The Wall Street Journal reports First-Quarter Growth May Look Better After Upcoming Statistical Tweaks.