Wall Street braces for disappointing first-quarter GDP

The New York Post reports:

Hit by the combo punch of frugal consumers, declining business investment and plunging manufacturing, first-quarter gross domestic product (GDP) is expected to grow a disappointing 1.3 percent at most.

Results could come in far lower, with the Federal Reserve Bank of Atlanta forecasting a paltry 0.2 percent gain for the first three months of 2015.

Other Street estimates for this important economic benchmark, which is set for release by the Commerce Department on Wednesday, include Morgan Stanley’s and Barclay’s, both at 1.1 percent growth.

Ouch.