If GDP were truly so weak, we would not expect aggregate hours worked to climb 3.7% annualized through May, jobless claims to remain near cycle lows, consumer confidence to hit a cycle high, industrial production to climb 5.0% at an annual rate over the first five months of the year, core capital goods orders to be up 5.8%, ISM to be above 55, and vehicle sales to hit their strongest annualized selling pace for the year. GDP is the outlier in these data points. I will roll my eyes and move on. Most of the data we just mentioned is consistent with underlying growth over 3.0%.
This is really what's key. Not only is the current data strong, but most of the data for Q1 (including job creation) was fine. If that 2.9% number really reflected a major collapse in the economy, we wouldn't have had in-line job creation numbers in January, February, and March.
That just sounds like selective ignoring of facts to me. Wonder if the current resident of the WH has anything to do with it?