The Headline That Wasn't

In all the GDP and other headline data today, the headline that has been under-reported is that the consumption data remains terribly weak.

from Bloomberg:
Consumer spending, which accounts for about 70 percent of the economy, fell at a 1.2 percent pace following a 0.6 percent increase in the prior quarter. It was forecast to drop 0.5 percent, according to the survey median. Purchases slid 2 percent since the peak at the end of 2007 -- the most since a 2.4 percent decline in the 1980 recession.