Stagflation Deepens

85
Tue, Jun 15, 2021 - 10:06am

As you know, we've been discussing the pending stagflation since about this time last year. The "Covid Recovery" was never destined to be a full bounce-back and the inflation that would come from QE∞ was a certainty. And now here we are.

There is stagflation written all over today's economic data. And what is "stagflation"? A stagnant, slowly-growing economy combined with high inflation. Is that not what you see below?

  • May Producer Prices Final Demand +0.8%, Consensus +0.5%. US May PPI Ex. Food, Energy +0.7%, Consensus +0.5%
  • U.S. RETAIL SALES FALL -1.3%
  • ...

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Key Economic Events Week of 8/2

8/2 9:45 ET Markit Manu PMI
8/2 10:00 ET ISM Manu PMI
8/3 10:00 ET Factory Orders
8/4 8:15 ET ADP Jobs report
8/4 9:45 ET Markit Service PMI
8/4 10:00 ET ISM Service PMI
8/6 8:30 ET BLSBS

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