Slithering Toward Recession

The third revision of Q1 GDP is supposedly ancient history, but still there was some noise in this morning’s numbers that wasn’t all that.

Real spending (PCE) by the vaunted consumer energy bunny took a notable hit, with a downward revision to just +1.8% from the initial +3.1%; and the GDP deflator—the  mother of all inflation measures—-got re-pinned to +8.2%. That’s the highest gain since June 1981!

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