Cut in consumer spending
White House officials were bragging when GDPNow as above 5% but it's a volatile look, especially early in the quarter. After today's drop in retail sales, it's down to 3.2% from 4.0%.
"The nowcast of first-quarter real consumer spending growth fell from 3.0 percent to 2.0 percent after this morning's retail sales report from the U.S. Census Bureau and this morning's Consumer Price Index release from the U.S. Bureau of Labor Statistics," the release said.
The consensus of economists is around 2.6%.
