>   
>   (email exchange)
>   
>   Bottom line: Weak report. Critical for us is the downward revision to the prior months avg
>   weekly earnings which was a driver of spending in Q1. The MArch number held up, but all in,
>   this report should drive home for folks that the Q1 spending outcome (likely near 3%), is
>   not going to come close to holding up in Q2. At this point we have Q2 spending coming in
>   at 1.5%.
>   
>   The decline in the U-rate was entirely a function of the labor force falling rather sharply
>   (so dismiss the decline in the u-rate)
>