Next week's data will provide some important clues.
April's job gains were strong enough to keep a rate increase on the table for September but weak enough that a June increase looks highly unlikely.
In years past, job growth has looked remarkably strong in late winter and early spring, only to fall apart over the summer months.
Sluggish consumption growth and falling net exports could be big headwinds on GDP this quarter.
The first-quarter GDP contraction is not indicative of the economy's underlying strength and should snap back to growth mode in the second quarter.