Also from the article:
The setback came after a huge increase in the previous month...
If one goes to table 7 of the report (
http://www.bea.gov/newsreleases/national/pi/2014/pdf/pi0414.pdf), one finds that despite the April dip, real personal consumption expenditures are up 1.1% from December 2013 (annualized rate of growth: 3.3%). March had a 0.8% increase (annualized 10.2% rate). Such a rate of increase was not sustainable.
The big March gain may well have reflected the impact of consumers starting to make up for deferred purchases (on account of the weather-related factors, among others, that impacted Q1 GDP). Even after the April dip, real personal consumption expenditures are running 0.5% above the February level and Q2 remains on track to be solidly stronger on this measure than Q1. That outcome also points to a much stronger Q2 GDP report, as personal consumption expenditures account for just over 70% of U.S. GDP.
Overall, the narrative of continuing moderate economic growth still appears to be holding together, especially when one considers the full-range of data.