The third estimate for Q1 GDP saw a strikingly large, upward revision to 2.0% from 1.3% consensus 1.3%), as consumer spending proved to be stronger than thought, while the GDP Deflator was revised down to 4.1% from 4.2% (consensus 4.2%).
Granted this is a backward-looking report, yet the key takeaway is that it underscores how the strength of the labor market fueled consumer spending in the first quarter and helped forestall any recession-like trajectory in the U.S. economy.