I don't like it folks. All the claims of "economic recovery" are in fact claims of "government is propping up 10% of final demand, and that propping up is disappearing into a black hole."
There's no evidence in this report that the economy is recovering - that is, that the artificial "borrowed and spent" support the government has been providing for the last two years is being replaced with actual final demand.
The positives in the GDP report are automobiles (strong this quarter) and a positive, but weakening CapEx cycle in business spending.
But the key item for me in this series, which is evidence that the federal government's replacement of final private demand is moderating and being picked up by private economic activity, is utterly absent. In fact the influence of those dollars, as shown by the final print compared to last quarter, is waning.
One-sentence summary: The rocket is running out of fuel.
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