ECONODAY: The weakest showing since the last recession for consumer spending held down first-quarter GDP which could manage only a 0.7 percent rate of annualized growth. Consumer spending rose at only 0.3 percent which is by far the worst showing since no change in fourth-quarter 2009. Weak vehicle sales are a major negative in the quarter's consumer breakdown, pulling durables down at a 2.5 percent rate and offsetting a 1.5 percent rise in non-durables and a slow 0.4 percent showing for services. Weakness in consumer spending is strongly associated with recession but not other data in the report...
