Three things really impacted 1Q -
1) Very harsh winter
2) Screwy Obamacare accounting in the GDP number
3) Timing of Easter
The last time Easter was that late here was also negative GDP. Timing pushes “normal” 1Q spending into 2Q.
Another positive point was UPS shipment data today. Domestic package volume up 7.4%. They touch almost all aspects of GDP.
The Pbamacare stuff is still a mystery as to exactly how it’s counted in GDP.
I can tell you why UPS is up. Because country people like me aren’t driving to the city to spend money.
That means gas stations, restaurants, and impulse buying didn’t happen for me they way they normally would have.