There are many ways to qualify current economy, a boom is certainly not one. Real GDP growth crashed down to zero or thereabouts in Q3. All measures of Consumer confidence have peaked. 10/30s spreads accelerating ⬇️ . Many important PMI New orders components peaked in Q2 t.co/lkWcexEl91
— Girolamo Pandolfi da Casio ditto Carlo Dossi Erba (@INArteCarloDoss) October 27, 2021
The GDP Report Was Even Worse Than Expected
The third quarter GDP, which was the lowest since the Covid-collapse quarter of Q2 2020 when GDP crashed more than 30%, was a big drop from the 6.7% final Q2 GDP estimate, and the question now is how much further will subsequent revisions shrink the initial print and whether Q3 marks the lowpoint for US GDP or will Q4 be even worse.
h/t Doorbert Returns