In terms of GDP statistics says a note from Chris Low at FTN financials. He notes that a real recession requires falls in employment, income, sales and output and so far these are holding up.

Their tracking model points to 3% growth in Q2 marking virtually zero growth for the first half of 2014

Joshua Shapiro says that the revisions were “truly ancient history” and higher frequency data points to an improving trend. He sees 3% growth for the rest of the year,

Goldies call the Q1 print an “aberration” and have raised their Q2 estimate to 4.0% from 3.8%

The market will be totting up the numbers to get a feel for Q2 but at the moment many are brushing it off as a one off.