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There were a couple of major economic data points released this morning: the advance quarterly growth for the GDP as well as the Core PCE Price Index which, as required by statute, is stated by every media in the country to be “the Fed’s favorite inflation indicator.” So, yeah, let’s look at them both.
The GDP was expected to come in at 2.8%. Instead, it is HALF that value. I guess the tariffs continue to work their magic.
Here are a few updated charts of interest from Slope’s wonderful economic database.
Here is the labor participation rate, which in my opinion illustrates the actual unemployment rate is 35%, since that’s the portion of the adult population that isn’t working, for whatever reason.
In case you didn’t see it this morning, the retail sales data came out, which sort of flies in the face of the U.S. being the – – {checks notes} – – “hottest” nation on the planet.
