More reason for a fiscal adjustment that’s not happening:

These are new orders so the slowing isn’t about supply issues:

Lots of commodity charts looking something like this- post covid spikes fading most everywhere:

This seems to be holding up, though not yet back to pre covid levels:

Up a bit from last month, but still looking weak:

Not good. GDP heading toward recession:

Now down vs same month last year:

Who would have thought?

This is through August which included Federal unemployment benefits that have subsequently expired.
Income is now weaker than it was at the time of this report:

Without transfer receipts income continues to lag pre covid levels:

This is likely to go down in September with expiring Federal benefits:

Familiar pattern:

Similar pattern- covid dip, bounce, fade:

Remember all the talk about how all the money printing stuff after the crash and for covid, etc. was going to trash the $US, etc.?
It’s not that easy to forecast:

This is only through July. Seems to turn down in front of recessions, but the data
is from two months back so by the time you see the index turn down the recession
is probably already well underway:

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Up a bit but at best moving sideways:

Not looking good for gdp unless private sector deficit spending comes to the rescue:

(hat tip Patrick Rien)