Q1 was brutal, Q2 soft.
The bad news just keeps on coming for the US economy. If Q1 is -1.1% and Q2 is 2% (which is even beginning to look a bit rich), then you would need growth in the second half of the year at nearly a 6% annualized pace to hit the 3% full-year estimate that most members of the Fed were touting in January.
The consensus for the year is currently at 2.5%. Needless to say, risks are to the downside.
