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Home sales, PMI, Fed surveys, Claims, Hotels, Household incomes, GDP

Summary:
Now that more data is out, looks like GDP will be down by over 1/3 for the quarter, as the negative labor supply shock continues. While fiscal policy works to support incomes and spending (GDP) obviously spending is still falling short, and with it private sector income (GDP=sales=income). This story doesn’t change much until people start returning to work which restores incomes, output, and spending. Until then business has to make due with that much less total spending. And while some will do well, the majority will necessarily do that much worse. https://www.calculatedriskblog.com/2020/05/census-household-pulse-survey-shows-475.html

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Now that more data is out, looks like GDP will be down by over 1/3 for the quarter, as the negative labor supply shock continues. While fiscal policy works to support incomes and spending (GDP) obviously spending is still falling short, and with it private sector income (GDP=sales=income).

This story doesn’t change much until people start returning to work which restores incomes, output, and spending. Until then business has to make due with that much less total spending. And while some will do well, the majority will necessarily do that much worse.

Home sales, PMI, Fed surveys, Claims, Hotels, Household incomes, GDP

Home sales, PMI, Fed surveys, Claims, Hotels, Household incomes, GDP

Home sales, PMI, Fed surveys, Claims, Hotels, Household incomes, GDP

Home sales, PMI, Fed surveys, Claims, Hotels, Household incomes, GDP

https://www.calculatedriskblog.com/2020/05/census-household-pulse-survey-shows-475.html

Home sales, PMI, Fed surveys, Claims, Hotels, Household incomes, GDP

Home sales, PMI, Fed surveys, Claims, Hotels, Household incomes, GDP

WARREN MOSLER
Warren Mosler is an American economist and theorist, and one of the leading voices in the field of Modern Monetary Theory (MMT). Presently, Warren resides on St. Croix, in the US Virgin Islands, where he owns and operates Valance Co., Inc.

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