Growth in first quarter of 2010 expected to slow from the one good quarter the end of last year

From the Associated Press:

Even so, it didn't change the expectation of much slower economic activity in the current January-to-March quarter.
Adding to that picture was a separate report Friday that sales of previously occupied homes fell sharply in January for the second straight month, to their lowest point since summer. The results were far worse than forecast. They are another sign the housing market's recovery is faltering.
The stock market managed modest gains as investors seemed to shake off the latest round of economic news. But by midday, stock prices were roughly unchanged.
Roughly two-thirds of last quarter's GDP growth came from a burst of manufacturing — but not because consumer demand was especially strong. In fact, consumer spending weakened at the end of the year, even more than the government first thought.
Instead, factories were churning out goods for businesses that had let their stockpiles dwindle to save cash. If consumer spending remains lackluster as expected, that burst of manufacturing — and its contribution to economic activity — will fade.
The signs aren't hopeful. Consumer confidence took an unexpected dive in February. Unemployment stands at 9.7 percent. Home foreclosures are at record highs. And many Americans are still having trouble getting loans.
Forecasters at the National Association for Business Economics predict the economy will expand at only a 3 percent pace in the first quarter of this year. The next two quarters should log similar growth, they predict. . . .