- GDP growth figures are notorious for revisions, but the headline number missed pretty badly, coming in at -1.4% annualized after inflation vs. an estimate of +1.0%.
- Here in Texas, restaurants that were packed this time last year on weeknights are only about half full, while road traffic seems to be easing.
- I remember the same thing in 2008 and March 2020, although this time is not as noticeable.
- One wonders if the stimulus distorted market signals badly enough to set us up for a fall by building too many houses, hiring too many people, and maybe pumping too much oil.
For further details see:
We Might Already Technically Be In A Recession