The first estimate of Q1 2014 GDP growth came in at a miserable 0.1%, surprising even the most pessimistic. The good news, household spending was up 3% and boosted GDP by 2.04%, its third best contribution in four years! The bad news, inventories clipped 0.57% off GDP while exports subtracted 0.83%, due in part to the timing of the Chinese New Year. The ugly, housing subtracted 0.18% from GDP.