Our Economic Ocean Liner Is Taking a Turn for the Worse
One by one, the pillars of the U.S. recovery are beginning to fade.
World markets showed little change for the week with a small bias on the upside as most major markets added less than 0.5%. The exception: emerging markets that were up closer to 2% as fundamentals in many countries are grudgingly improving while developed markets are facing Brexit and election issues, suppressing gains.
Economic data did little to dispel the uncertainty, as most of this week's data was inconclusive, despite a lot of releases. Even neutral arbiter Atlanta GDPNow's report barely changed its GDP forecast, from 1.9% last week to 2.0% this week, and all of that was based on a small increase in government spending.