First quarter GDP was poor, but at least remained positive. This was no surprise, as readers of my Weekly Indicators columns know. Weekly measures of rail transport, steel production, and some shipping measures were all poor, in addition to consumer spending, for virtually the entire first quarter. This showed up in monthly measures of industrial production and retail sales. This is also vindication for the Atlanta Fed's "GDPNow" calculator, which as of now was right on target.
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