Another Spring, Another Slowdown in the Economy
GDP rose at a 2.5 percent annualized rate in the first quarter. The marked acceleration from the fourth quarter was fueled by strong consumer spending and farm inventories.
Durable goods orders came in lower than expected in March, with orders falling 5.7 percent. The pullback in orders was fairly broad-based but led by a decline in civilian aircraft orders. The pace of shipments also slowed.
The emerging housing recovery has stumbled on a few hurdles in recent months, including a limited amount of supply on the market, which has constrained the pace of new and existing home sales.
