The real-time assessment of whether we are in a recession got nudged a bit more toward "negative" today as the BEA released the preliminary GDP figures. Real GDP is estimated to have grown at a 0.9% annual rate, up from the advance estimate of 0.6% released last month. The explanation of the revisions:

The upward revision to the percent change in real GDP primarily reflected a downward revision to imports and upward revisions to nonresidential structures and to PCE for nondurable goods that were partly offset by downward revisions to private inventory investment, to exports, and to PCE for services.