ONLY -3% GDP Dump?

The Feds released the revised 1Q GDP number.

Minus 3%.

First time in 58 years it's been that bad.

Not to worry, say the spinners.  It was all the cold winter.

Don't bet on that.  Remember that "auto sales" are not to the final buyer--the consumer--they're to the dealers.  Also note that new housing sales are down---not up.