Locator: 46086ECON.
GDPNow: link here.
Stagflation.
As a reminder, "stagflation" is a British (more accurately, English) term used loosely in America.
Stagflation has three components:
- increasing unemployment (the main concern for the UK Labour governments)
- declining growth in GDP — although that depends a bit on one’s interpretation of “declining”
- increasing inflation
For the record, as of today, not one of those three components accurately describes the US economy.
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US Productivity and Labor Costs
This monthly report received almost no attention by mainstream business outlets.
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EU Inflation
It may be time for folks to re-visit the definitions of "deflation" (really, really bad) and "disinflation) ("okay").
Whatever.
EU zone inflation figures:
- October, most recent: 2.9%
- last month, September: 4.3%
This mirrors what is being reported in the UK.
Spending in the UK: 28% greater in October, 2023, than it was in 2018.
Here in the US, the conversation is pivoting from inflation to disinflation and OMG, deflation (WMT CEO).
GS: surprised by high demand for oil, but that's another story. Will catch up with that later, if I find the story.
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