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From BI: Neal Dutta of Renaissance Macro tells it like it is in a note titled GDP = USELESS:

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.

"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%. "

That just sounds like selective ignoring of facts to me. Wonder if the current resident of the WH has anything to do with it?