• Spending on goods fell, but services continued solid • Non-residential investment deteriorated significantly, signaling a future broad based deterioration • We maintain our forecast of 1% GDP growth in 2008 GDP growth remained at a sluggish 0.6% in 1Q08. This was 0.4 pp less than our estimate. On a year-over-year basis, real GDP growth was 2.5%, similar to that of 4Q07. Private consumer expenditures (PCE), government spending, net exports and private inventories added to growth. This was

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