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The only economic data of the week has tumbled out, and both data points are lower than expected. The first, the Core PCE inflation data, wants you to believe that prices are moving up at an annualized rate of 2.4% a year, in spite of all the evidence. Who are you going to believe, though? A government with every good reason to want to state inflation has been beaten, or you own lying eyes?
Percentages can be misleading things, but for what it’s worth, here are the percentage changes in job demand from state to state. The top one? Idaho! You say potato, I say potahto…….
It’s an exceptionally quiet week, and the only economic data points both come out tomorrow morning: the Core PCE (ceaselessly called the Fed’s favorite inflation indicator) and the preliminary GDP.
