This morning's US GDP estimate for the first quarter of 2013 came in a 2.5%, 0.5% below expectations of 3.0%. Despite the headline being a miss, there's still plenty of positives in the report that fall in line with our economic growth expectations. For instance: Consumer Spending growth accelerated for the third consecutive quarter, growing 3.2% sequentially versus expectations for 2.5%, and contributing +2.24 to the Total GDP figure on the quarter. Investment grew 12.3% quarter-over-quarter alongside some inventory build and continued strength in residential and non-residential fixed investment. Net exports contributing -0.5 to total GDP as growth in imports outran export growth.