Heritage Foundation EJ Antoni channels ShadowStats:
“Government economic figures hide the truth about the economy…” Thang [sic] you,
@mises , for highlighting a recent paper @profstonge and I wrote that explains how inflation has been greatly underestimated – read the article by @RonPaul here:
https://t.co/cVroe5QwCT
With PCE deflators released today:
GDP under Bloomberg consensus of 3.0% at 2.8% (GDPNow nails it); see Jim’s post yesterday. ADP private NFP change at 233K vs. Bloomberg consensus at 110K. Nominal personal income at consensus, consumption at 0.5% m/m vs. 0.4% consensus.
The Bureau of Economic Analysis announced today that seasonally adjusted U.S. real GDP grew at a 2.8% annual rate in the third quarter. That’s close to the long-run historical average of 3.1%. With inflation coming down, I think we now can declare that the Fed has achieved the admirable but difficult objective of a “soft landing” — bringing inflation down without tipping the U.S. into recession.
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From AEI:
A reminder. Economic indicators, excess fatalities.
Never just look the headline number. The “why’s” matter. GDPNow down from 3.3% q/q AR to 2.8%, while GS tracking at 3.0%
108.7 vs. 99.5 (Bloomberg consensus). Is positive economic news percolating into surveys? From the Confidence Board today:
A comparison:
From EIA: