Just as we warned earlier, the April data is not suggesting the kind of post-weather Q2 bounce in economic growth that everyone is praying for (or not if you're long stocks). On the heels of this morning's tumble in construction spending, The Atlanta Fed forecasts second-quarter real nonresidential structures investment to collapse 20%, leading to a mere 0.8% Q2 GDP growth estimate (dramatically below consensus hope expectations of 3.3% growth).
They nailed it in in Q1...
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