Commentary
There was some hope that the output revisions at month’s end would put to rest the recession debate. Instead, they only added more confusion because we still experienced two quarters of declining GDP as adjusted for inflation, which means recession.
Those inflation adjustments can be a real buzz kill. The Bureau of Labor Statistics (BLS) this morning reports: “Real hourly compensation, which takes into account changes in consumer prices, decreased 4.4 percent in the second quarter of 2022, which followed a 4.4-percent decline in the first quarter of 2022.”
That’s a substantial rate of decline in a once-prosperous nation. There is very little hope of a turnaround anytime soon, no matter what inanities are pushed by the White House spokesperson….