WH Econ Adviser Hassett: Could see Q1 GDP be revised higher

In an interview with CNBC, Kevin Hassett, chair of the White House Council of Economic Advisers, said that the first quarter GDP could be revised higher in the next estimates. Earlier today, the U.S. Bureau of Economic Analysis reported that the real GDP expanded by 3.2% on a yearly basis in the first quarter to beat the market expectation of 2.1% by a wide margin.

Key quotes (via Reuters)

• Incomes growing at a high rate.
• Consumption catching up with consumer.
• There is “ample progress” on U.S.-China trade talks.
• China uncertainty not pushing down spending.