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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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WARREN MOSLER writes Unemployment claims, Personal income, Transfer payments, Savings, Consumption, Light vehicle sales, Consumer confidence

WARREN MOSLER writes Euro zone services, gasoline demand, restaurants, hotels

WARREN MOSLER writes Jobless claims, Existing home sales, Euro construction

WARREN MOSLER writes Architecture billings, Housing starts, Real estate loans

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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