Economic growth: Where's the beef?

"Where's the growth?" isn't nearly as catchy a phrase as Wendy's famous TV ad slogan, "Where's the beef?" cooked to perfection by actress Clara Peller 31 years ago.

But after a frosty winter that put a major chill in first-quarter economic activity, and a hoped-for spring thaw -- which hasn't materialized yet -- Wall Street pros keep barking, "Where's the growth?"

"Investors continue to believe forecasts that show the economy is on the verge of experiencing explosive growth, until the actual data proves otherwise," says Sam Stovall, U..S. equity strategist at S&P Capital IQ.

The flat reading on April retail sales released Wednesday signals that the deep freeze has yet to melt away -- at least as it relates to consumers willingness to dig into their wallets to spend some cash. U.S. businesses also built up their inventories less than expected in March. Add in the so-so readings on the job market recently, and what it adds up to is a lot of weak numbers despite all the talk of a coming rebound to coincide with warmer weather.

The weak incoming data is pushing first-quarter growth deeper into the red, and poses "downside risks" to growth in the current quarter. And that's giving investors pause, given that the stock market is trading at 17.4 times estimated earnings for the next 12 months, which is an 8% premium to the average since 2000. "A lack of economic confirmation continues to corral our confidence," Stovall told clients.