EU Zone Disinflation -- November 17, 2023

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.

Link here.

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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.