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 resembles to the years before, unless you go back to the days of Richard Nixon.
Weirdly, the massively-overvalued NASDAQ 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?
Wall Street Examiner Disclosure: Lee Adler, The Wall Street Examiner reposts third party content with the permission of the publisher. The opinions expressed in these reposts are not those of the Wall Street Examiner or Lee Adler, unless authored by me, under my byline. I curate posts here on the basis of whether they represent an interesting and logical point of view, that may or may not agree with my own views. Some of the content includes the original publisher's promotional messages. No endorsement of such content is either expressed or implied by posting the content. All items published here are matters of information and opinion, and are neither intended as, nor should you construe it as, individual investment advice. Do your own due diligence when considering the offerings of information providers, or considering any investment.