anthony chan will tell us what he'll be watching in wall street's week ahead. watching cnbc, first in business worldwide. from bank of america to buy a new gym bag. before earning 1% cash back everywhere, every time and 2% back at the grocery store. even before he got 3% back on gas. kenny used his bankamericard cash rewards credit card to join the wednesday night league. because he loves to play hoops. not jump through them. that's the excitement of rewarding connections. apply online or at a bank of america near you. >>> welcome back to "worldwide exchange." another down week for stocks, we are joined by anthony chan from jpmorgan chase. we ended the week with a bright note on retail sales after an ugly slew of reports from america's largest retailers. anthony, did that do anything to sort of cheer up the mood about the consumer? >> oh, absolutely. what you're going to see is that the first quarter numbers are going to be revised higher because of consumer spending. but also it's telling you that consumer spending is getting away from the dangerous area where

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anthony chan from chase, the chief economist joins us.e were talking about the seeming diswecht between the market which relatively speaking is still relatively high, close to all-time highs and will yet the economy seems to be slowing down. what's happening? >> you've got a half a percent growth on real gdp in the first quarter and gdp is up almost 2%. you've got to remember when you look at more than 60% of the profits are coming from goods producing sectors. when you look at the overall economy, less than 14% of the jobs are there. main street america is a lod broader and that, i think, is why you're seeing the disconnect right now. >> so which do you expect? can this persist? >> i think right now when you're seeing the overall economy, they're hopeful. there are red flags out there. for example, i've looked at it as to whether or not we're going to have a recession. everything is great. it's not so grchlt 1.9% in the last quarter is not a good number. that's why it's so important. nonresidential, not good. 14.8% in the first quarter,