This is not the way to start a new GDP quarter in which consumer expenditures are supposed to pick up following a weak Q1 GDP driven higher by inventory accumulation and record hot weather. From Bloomberg: "Just over half of the retailers reporting April comp. sales trailed ests., led by misses in department stores and discounters. 11 of 20 cos. reporting April sales fell short of ests.; 4 of 6 dept. stores, 3 of 4 discounters missed." As a reminder, missed expectations means it was
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