Analysts at Wells Fargo note the data released today showed a revision of Q1 GDP from 3.2% initially reported to 3.1% due mostly to a more tepid pace of intellectual property spending and an outright decline in equipment outlays.

• "The slight slowing in first quarter growth is largely due to a softening in business spending. There was a slightly slower growth rate for intellectual property spending. Equipment spending went from a scant 0.2% gain in the first estimate to an outright decline of 1.0% in the revision.
• The three largest quarterly inventory builds of the past three and a half years have occurred back-to-back in the past three quarters. 
• Without the boost from inventories, GDP growth in Q1 would have only been 2.5%. Yet, there is no sign that the stockpiling is over. In a separate release this morning we learned that wholesale inventories grew 0.7% in April handily exceeding the estimate of a scant 0.1% gain.”