4Q GDP: Downward Revision

The number initially posted seemed a bit, ah, enthusiastic.

And it was:

The U.S. economy was growing much slower in the fourth quarter of 2006 than the government's first estimate of 3.4%, economists say.Instead of fairly robust 3.4% annualized growth, the government's next estimate will probably be closer to 2.2%, according to median forecast of economists surveyed by MarketWatch. Instead of bouncing back, the economy would have turned in its third quarter in a row of below-trend growth.

The decline in the PMI over the last quarter of '06 was a telltale.

HT: Calculated Risk