JUSA - Do Rising 'Global' Growth Concerns Include An Already 'Slowing' U.S. Economy?

• Given the fuss about the goods buying mania, if the whole domestic system were to match or even approach it, one would think this alleged inflationary boom would have to keep something like the CFNAI far above 0. However, the latest reading for June 2021 at just 0.09 indicates growth barely above a trend line that was already insufficient to begin with.
• There's been a tendency to blame the recent drops in yields and economic data on renewed COVID, or even the purported labor shortage. Yet, CFNAI inside the US, like jobless claims in May, June, and July, can’t be either of those. No COVID restrictions had been reapplied during those months - the opposite, in fact.
• The rate indicated by jobless claims, for one thing, pushes the range for payroll (Establishment Survey) equivalence back down into the 200s range. When that was the estimate for April’s payroll report, it was not received kindly anywhere.
• Some are calling this global growth concerns. While that’s true, given the possibility indicated in some important US data, those concerns really may not just be about everyone else.

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