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GDP

No Convergence Between Hard and Soft Data in Q1 GDP Numbers

No Convergence Between Hard and Soft Data in Q1 GDP Numbers

The conundrums continue. Despite strong consumer and business confidence, economic activity is tepid. Q1 GDP growth was only 0.7 percent, and real personal income wage growth was only 1.0 percent. Right now markets are betting that economic activity will rise to meet the high levels of confidence. We hope the markets are right, but we have our doubts.