Economic data released this morning showed the economy adding jobs, and an increase in core CapEx spending, although the headline Durable Goods Orders print was way below estimates, likely a transitory issue with aircraft orders.
In short, the economy is growing in the midst of unprecedented government giveaways and irresponsible spending.
At some point the piper will have to be paid, but Joe Biden wants you to party like its 1999, so he can push through Congress the rest of his Leftist agenda.
We now have a race to the finish of stimmy spending versus election audits. Which narrative will come out on top?
Will we have financial ruin, a collapse of our currency, and Chinese control? Or, will we regain legitimate leadership of our beloved republic?
Durable Goods Orders ex Transportation (Apr) printed at 1.0% vs 0.8% consensus estimate.
Core Personal Consumption Expenditures (QoQ) (Q1) printed at 2.5% vs 2.3% estimate.
Durable Goods Orders ex Defense (Apr) printed at 0% estimate.
Continuing Jobless Claims (May 14) printed at 3.642M vs 3.68M estimate.
Gross Domestic Product Price Index (Q1) PREL printed at 4.3% vs 4.1$ estimate.
Personal Consumption Expenditures Prices (QoQ) (Q1) printed at 3.7%.
Durable Goods Orders (Apr) printed at -1.3% vs 0.7% estimate.
Initial Jobless Claims (May 21) printed at 406K vs 425K estimate.
Nondefense Capital Goods Orders ex Aircraft (Apr) printed at 2.3% vs 0.8% estimate.
Initial Jobless Claims 4 week average (May 21) printed at 458.75K.
Gross Domestic Product Annualized (Q1) PREL printed at 6.4% v 6.5% estimate.
Pending Home Sales (YoY) (Apr) printed at 52.7%.
Pending Home Sales (MoM) (Apr) printed at -4.4% vs 0.8% estimate.
EIB Natural Gas Storage Change (May 21) printed at 115B.