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The federal government finally discovered what everyone already knew. The economy has gone to hell in a hand-basket.
Personal income fell 0.7 percent in the month, the sharpest decline since a 2.3 percent plunge in August 2005.
Inflation, as measured by the year-over-year rise in the personal consumption expenditures index, rose 4.5 percent, the steepest since February 1991, the government said.
According to Reuters, "Consumer spending, which accounts for about two-thirds of national economic activity, rose 0.2 percent, as expected, the slimmest gain since February."
All of that is to say that the upward revision of Q2 GDP to 3.3% means nothing in the real work.
The beatings will continue until morale improves.
Douglas A. McIntyre
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