Tuesday, April 12, 2011 1:37 PM

Exports, Imports, "Everything Weaker Across the Board"; Morgan Stanley Drops GDP Estimate to 1.5%; Expect to Hear the "R" Word Soon

In case you missed it, economists have slowly ratcheted down GDP estimates for the first quarter. Morgan Stanley's 1st quarter GDP estimate is 1.5% down from 1.9%. Barclays also lowered GDP estimates by a half-point to a range of 1.5% to 2%. 4% GDP estimates went out the window long ago.

Please consider U.S. Trade Deficit Narrows Less Than Forecast on Soaring Commodity Prices http://www.bloomberg.com/news/2011-04-1 ... rease.html

The U.S. trade deficit narrowed less than forecast in February, indicating soaring commodity prices hurt the world’s largest economy at the start of the year.

The gap shrank 2.6 percent to $45.8 billion from a larger- than-previously-estimated $47 billion in January, according to figures from the Commerce Department today in Washington. Another report showed the cost of imported goods jumped in March by the most in almost two years.

“Everything was weaker across the board,â€