19 January 2020
John Alvarez
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Construction spendingrose 0.4% month over month in April which left Q2 GDP tracking estimateunchanged at 1.1% quarter over quarter. Significant revisions to prior monthswere a small negative for the Q1 tracking estimate, subtracting 0.1pp,concentrated in the private non-residential component. Previously, revisions towholesale and retail inventories, published on Friday, were, on the whole,mildly positive for Q1 GDP growth, adding a tenth to our tracking estimate. 
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