The trade deficit and stimulus cuts have had an even more negative impact on the states' economies than expected.
Despite increased investment in the corporate sector, indicating a moderate expansion of the economy, consumer spending is slowing significantly amid record inflation.
However, analysts expect the second quarter to show GDP growth. The pace will be slower than "normal," with the average forecast holding around 1%. Nevertheless, the second revision of Q1 results signals even less "momentum" in the economy.