However, the headline belied some good news in the underlying figures. Personal consumption jumped 2.9 percent; economists were looking for 2.3 percent. Also government spending fell 5.9 percent, which confirms that they're not the ones driving this economy.
The bad news from the BEA:
The deceleration in real GDP in the first quarter primarily reflected a deceleration in private inventory investment and a downturn in nonresidential fixed investment that were partly offset by accelerations in PCE and in exports.