 And it's changing pretty substantially, actually. GDP growth fell from 3.4 percent in the last quarter of last year to 1.4 percent at the beginning of this year. The data out today does contain more than just overall GDP, though. There are various and sundry components, one of which Fed Chair Jay Powell said at his last press conference he is watching in particular. Private domestic final purchases, which Powell said, and this is a quote, usually sends a clearer signal on underlying demand.