Multiple Data Points Are All Bad
Tim Knight | Jun 15, 2021 12:14PM ET
Several major economic data points were released this morning, and they’re all bad.
- Core Retail Sales expected +0.4%, actual -0.7% – Big miss
- Producer Price Index expected 0.5%, actual 0.8% – Inflation 60% higher than expected
- Retail Sales expected -0.6% actual -1.3% – More than double the drop expected
More importantly, you can see how while the PPI usually bobbles up and down from month to month, over the past year it has been a steady positive drumbeat of surging prices. Simply stated, the recent past bears no resemblance to the years before, unless you go back to the days of Richard Nixon.
Weirdly, the massively-overvalued NASDAQ Composite exploded above its past lifetime high (red line) only to stall and tumble back down below it. C’mon, stocks – are you insane or not?
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