You read here on the first of this month that the Q1 GDP number rose by a scant 0.1 percent. Yet today, it was reported that Q1 GDP was revised down to -1.00 percent. Another quarter of that sort of decline and we’ll be officially in another recession. Technically anyway. Yet the markets not onlygdp revised downwardignored the negative number, the Dow closed up 65.56 and the S&P 500 hit another record. Odd.

But apparently investors aren’t worried as it seems the paltry Q1 number is all Old Man Winter’s fault. Economists are expecting a Q2 GDP number between 3.0 and 3.5 percent. That’s quite a jump but then again, in the springtime we won’t be shoveling snow off our roof or pouring salt on the driveway. That’s the hope anyway.

But with the sunshine we should expect some good economic reports, right? Well, if you’re looking at pending home sales, homes with contracts on them but not yet closed you can’t look there. Pendings increased but only by 0.4 percent, much lower than the 2.00 percent gain expected by the National Association of Realtors and 9.2 percent lower compared to the same time last year. There were no major snow storms in April. Snow in unexpected places at unexpected times but no winter gridlock. All that said, we’re running out of May so that means we’re running out of monthly reports.

Next we’ll witness no less than 23 economic reports as we always do in the first week of the month and none will be more important than the Nonfarm Private Payroll numbers, which measures job creation in the private sector. Economists are looking for a count closer to 288,000 but anything closer to 325,000 and we might finally be seeing interest rates stop their gradual downward fall and begin to move back up. The Unemployment Report is as important as the nonfarm payroll numbers but much attention will be placed on labor participation as well as the actual rate.