'Welcome to the recession:' Most of Wall Street still sees trouble ahead for the U.S. economy

Thursday's report on first-quarter gross domestic product bought a mixed bag of indicators.

Thursday's report on first-quarter gross domestic product bought a mixed bag of indicators: A headline number showing 1.1% annualized growth, but internal figures pointing to consumer demand in aggregate that was strong despite higher-than-expected inflation. In fact, excluding the drag from inventories, GDP growth actually would have been closer to 3.4%, well above trend. However, most economists and strategists on Wall Street think the U.S. economy is still on the path to recession.

" James Knightley, ING chief international economist "Looking to 2Q GDP growth and we have to expect a reversal in consumer spending given recent retail sales trends while the softening in non-defence capital goods orders ex aircraft suggests business investment will remain subdued ... Our current expectation is for 2Q GDP to record growth of 0-0.

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