Saturday, July 29, 2017

One Clown To Rule Them All

A generation of salesmen has no clue when they're being conned. Headline U.S. economic stats have the veracity of a magic 8 ball...

Yesterday, we learned that GDP "bounced back" from the first quarter. However, 2016 was the lowest annual GDP growth since 2009 and yesterday Q1 GDP growth was revised lower. In other words, just like the bogus unemployment numbers, U.S. GDP numbers are 100% smoke and mirrors:

Here is quarterly GDP growth with change in private inventories (blue):

Bars and Restaurants

"Only eight years of warning"