J.P. Morgan economists said they now see much slower second-quarter growth of just 1%, down from their prior forecast of 2.25% and way off the 3.2% reported in the first quarter. “The April durable goods report was bad, particularly the details relating to capital goods orders and shipments. Coming on the heels of last week’s crummy April retail sales report, it suggests second quarter activity growth is sharply downshifting from the first quarter pace, ” the economists wrote. The Atlanta Fed’s GDP Now tracker has GDP growth for the first quarter at 1.3% for the quarter. The J.P. Morgan economists also changed their ... (full story)