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Almost An "L"
ByCalculatedRisk runs the numbers:
...with wages barely rising, and a rising saving rate suppressing [Personal Consumption Expenditures (PCE)], I'd expect PCE growth to be sluggish for some time. And since PCE is usually one of the engines of recovery (along with residential investment), I expect the recovery to be very sluggish too...
The new retail numbers are far from encouraging.
