The OECD has revised it's global economic outlook for the rest of this year.

The OECD forecasts economic growth across the Group of Seven countries to fall by 3.7% this year, a less brutal contraction than the 4.1% drop projected in June 2009. The latest GDP forecasts for this year provide slightly improved outlooks for Japan and the Euro area, an unchanged overall projection for the US but point to a gloomier situation in the UK.

Now note the OECD has the U.S. GDP growth projections unchanged at +1.6% for Q3 2009 and +2.4% for Q4, 2009. But what is interesting is Q3 is within the margin of error of 1.9% and Q4 projections are at the margin of error, 2.4%.