The recession of 2008-2009 now looks even deeper with a 4.1% drop in output from peak to trough, compared to an originally estimated 3.8% decline.
In some ways, this week will mark the end of the first chapter of the economic recovery.
To paraphrase Procol Harum, for many observers, the economic recovery, which had looked a bit ghostly, just turned a whiter shade of pale.
The economic numbers due out this week will be important in narrowing estimates of current economic momentum.
In theory, it's quite simple.
This morning, after almost a year of heated debate, the President has achieved his goal of a major reform to the health care system.
On Tuesday the Federal Reserve's Open Market Committee holds its second meeting of the year to consider the direction of monetary policy.
A year ago, stocks were extremely cheap, Treasury bonds were extremely expensive, and investors were extremely frightened.
The latest readings on the economy, like a bowling ball on a countertop, are exhibiting little momentum but still, underneath, have plenty of potential.
The week ahead should be relatively quiet across a number of fronts.
