Q1/16 GDP growth came in at a very lackluster 0.5%, its worst performance since Q1/14. Since 2010, lousy Q1 GDP growth has been the norm, averaging just 0.8%. The good news; consumer spending grew a passable 1.9% and new-home construction and home remodeling rose 14.8%. By contrast, business investment and exports continued to perform very poorly. While the economy isn’t great, it’s not as bad as the Q1 data imply.