I’m on vacation, but had time to notice with all that is going on in the financial markets nobody noticed that industrial production fell 1.1% in August. Moreover, the June and July data were revised down.
This is another observation supporting the analysis that third quarter real GDP growth will be very weak and maybe even negative even though we have no trade data yet. But with real personal consumption expenditures down in June and nominal retail sales down in July the third quarter is looking much weaker than the first half.
P.S. I read several blogs reporting on gas shortages and price gouging, but Saturday as I drove from Atlanta to Charleston I bought gas at $4.23. What am I missing?