Economic data keeps weakening. Coupled with that data so goes the forecasts.
The GDPNow Forecast for the third quarter is 0.5% as of October 18. The initial forecasts for the third quarter was 6.1% on July 30.
There's less than a week of data coming in as the Gross Domestic Product, 3rd Quarter 2021 (Advance Estimate) is out on October 28.
Overall GDP is flirting with negative numbers.
More importantly, real final sales, the true bottom line measure of the economy is solidly negative at -1.6%.
The difference between the actual forecast and real final sales in an inventory build. But inventories net to zero over time.
Look for the Fed to declare a "temporary soft patch". But this could be much more serious.
Thanks For Tuning In!
Like these reports? If so, please Subscribe to MishTalk Email Alerts.
Subscribers get an email alert of each post as they happen.
Read the ones you like and you can unsubscribe at any time.If you have subscribed and do not get email alerts, please check your spam folder.