Big growth slowdown in Q1?

The Atlanta fed estimate of Q1 GDP is looking distinctly average:

This appears to be driven mostly by increased inventory, but looking through Q1 to Q2 and the outlook looks a lot better.   Economy at close to full employment, unit labour costs running at a 3% yoy clip, solid consumer spending, strong home sales, improvements in freight volumes etc. 

Most commentators are looking though this Q1 slowdown and in to a pretty solid Q2.  But in the meantime, this goods be a good time for interest rate sensitive stocks like utilities and real estate.,

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