Some indices tumbled markedly, including export growth revised down from 7.2% to 4.2% while consumer spending fell from 2.7% to 2.5%.

But the 1.9% growth in GDP remains unchanged from the last revision.

Reuters:

Excluding inventories, the economy grew at a revised 1.8 percent rate in the first quarter, rather than 1.7 percent and up from 1.1 percent in the fourth quarter.

Exports grew at a 4.2 percent rate instead of 7.2 percent.

While the careful of management of inventories could be a boost to second-quarter growth, the mild downward revision to consumer spending underscores the loss of momentum in the economy that has been evident in weak hiring and slowing factory activity.

Second-quarter growth is forecast around 2 percent, but with global demand cooling amid Europe's debt woes and an uncertain fiscal policy path at home forcing households to be cautious, even that estimate might be too optimistic.

Business spending on equipment and software was revised down to show a 3.5 percent growth rate instead of the previously reported 3.9 percent. Anecdotal evidence suggests the pace softened in the second quarter.

The drag from the revisions to consumer spending, equipment and software, exports and inventory accumulation was offset by upward revisions to investment in residential and nonresidential structures.

Import growth was lowered by 3.4 percentage points to a 2.7 percent rate. While that supported growth during the quarter, it was a sign of weakening domestic demand.

Government spending fell at a 4.0 percent rate, instead of the previously reported 3.9 percent.

Even allowing for small increases in consumer spending, this is a horribly anemic number that isn't expected to get any better in the second quarter.