In a 14:00 April 27th, 2012 press conference, Federal Reserve Chairman Ben Bernanke stated that he expects continue lower GDP numbers in the first Quarter.
The chairman stated that he expected under 2% GDP forecast in the first Quarter. He believes that most of the factors that are causing the less than 2% GDP forecast are not permanent, such as lower spending on defense than was anticipated and weaker exports. The chairman felt that given the current growth in Global economy, he expects that to pick up again.
Nevertheless, the Chairman stated that there are some factors that have a longer term effect. Residential and commercial construction in the 1st Quarter were very weak, which may continue to have an effect on GDP numbers going forward.