Big internet stink about the government spending component, the 3.9% 13Q4 drop having been recuperated in its entirety in Q1 this year. This goes back to a less-than-well understood advancing of the government expenditure approval date to late November in an attempt to bring the deficit into line with predictions. Some stuff got passed on to January.
Zzzzzzz. Do you really actually care what quarter the money was spent in?
Otherwise... big negative, as usual, was construction. Household spending and capital spending (ex-construction) up. Imports also up, as to be expected from the previous line (with the usual suspect still trying to make this into something that it isn't), and exports down. All pretty much in line with a slowly expanding economy.
Household spending up 1.6%. Government spending down 0.2%. They pulled a version of the same trick last year. (Here's Dr. John's guru commentary on that). Construction, again, down 8.7%. Other fixed capital formation - you know, companies spending money on, mainly imported, equipment because they think that'll be a profitable move going forward - up a whopping 11.1%. Exports up 8.1%. Imports 9.3%.
Same story, only more of it.