Economic numbers released this morning show Biden administration’s policies pushing the United States economy into full-blown stagnation, meaning high inflation and a slowing economy, the worst of all worlds.
The is a Jimmy Carter level misery index scenario on steroids.
With recent consumer and producer inflation breaking all-time records, the significant drop in manufacturing and retail sales in December shown in the morning data heralds a new era in American daily life, and not in a good way.
Of course, the is what the Chinese-bought Biden presidency* wanted all along, and they are getting their money’s worth.
Financial markets are off slightly on the data.
Export Price Index (MoM) (Dec) printed at -1.8% vs 1.1% consensus estimate.
Export Price Index (YoY) (Dec) printed at 14.7% vs 18.1% estimate.
Import Price Index (MoM) (Dec) printed at -0.2% vs 0.3% estimate.
Import Price Index (YoY) (Dec) printed at 10.4% vs 12.8% estimate.
Retail Sales (MoM) (Dec) printed at -1,9% vs 0.0 estimate.
Retail Sales Coantrol Group (Dec) printed at -3.1% vs 0.1% estimate.
Retail Sales ex-Autos (MoM) (Dec) printed at -2.3% vs 0.2% estimate.
Capacity Utilization (Dec) printed at 76.5 % vs 77% estimate.
Industrial Production (MoM) (Dec) printed at -0.1% vs 0.4% estimate.
Business Inventories (Nov) printed at 1.3% vs 1.0% estimate.
Michigan Consumer Sentiment Index (Jan) PREL printed at 68.6 vs 70.0 estimate.