NEW YORK (TheStreet) -- Uh-oh.
The Commerce Department is out with revised gross domestic product numbers for the first quarter of 2014, and the news isn't good.
Officially, the nation's GDP figure -- the most commonly used barometer to measure the country's financial health by economists -- fell into negative territory, at negative 1%.
That's down from the original 0.1% reading the department reported a month ago and is either a hiccup on the road to recovery or a serious harbinger of troubling economic turmoil ahead.
Either way there was trouble across the board for the economy for the first quarter in the public and private sector, the agency said in a statement Thursday.
"The decrease in real GDP in the first quarter primarily reflected negative contributions from private inventory investment, exports, nonresidential fixed investment, state and local government spending and residential fixed investment that were partly offset by a positive contribution from personal consumption expenditures. Imports, which are a subtraction in the calculation of GDP, increased," the Commerce Department reported.
The news was softened somewhat by estimates the economy will still finish the year with positive growth, at 2.6%.
But the revised, downward number does come with a price tag for bank savings customers.
With the economy down, the Federal Reserve will likely keep interest rates low, to spur lending and generate momentum in the economy. That will keep bank rates down.
The Federal Reserve has pretty much guaranteed that, as it continues to keep its policy of low rates in place.