First quarter GDP rose 0.8 percent, missing expectations of 0.9 percent, according to a report on Friday. But one analyst said the Federal Reserve is focusing on next week's May jobs report in terms of figuring out the timing of its next rate hike. 'What happens next Friday at 8:30 AM in the employment report will determine whether or not the Fed hikes rates on June 15,' said John Lonski, a capital markets economist at Moody's Analytics. Digging deeper into the first quarter GDP report, consumer spending rose 1.9 percent, while economists were expecting a 2.2 percent increase. But Lonski said consumer spending typically rebounds during second quarter. TheStreet's Scott Gamm has details from Wall Street.