LOUSY ECONOMIC QUARTER
The Commerce Department released the flash GDP report for the first quarter and it was a stinker. A 1.3% annual rate is the slowest in several years and was well below the 1.8% expected. Residential Construction fell 17% which subtracted 1% from GDP. Consumer spending remained very strong and business investment, while modest, remained positive. Both the stock and bond markets were flat on the news.
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