The New York Times is reporting that the second round of data revisions are showing what people already knew --- the economy is slowing down and it is slowing hard:
Growth advanced just 0.6 percent, compared with an initial estimate of 1.3 percent. It was the slowest rate recorded since the fourth quarter of 2002.....
the drag from the collapse in residential real estate was slightly less than the government first reported.
Most economists agree that the first quarter was probably a low point for the last several years, and they expect the economy has regained some strength in the second quarter. Although consumer spending has probably slowed since the first quarter and the correction in the housing market is ongoing
Yep, consumers which means workers still are not making any more money, fixed quantity consumption such as energy and healthcare are still getting more expensive, and the massive home equity ATM system that propped the US economy up for the past couple of years is still broken and will not be pumping out free $100 bills for years to come now. But things are going to get better!!!