The Wild Week in the American Economy

“For months, the economy sent off mixed signals, with employers and consumers expressing anxiety in surveys but underlying economic data generally solid,” the Wall Street Journal reports.

“This past week, the fog lifted. On Wednesday, official data showed economic output and consumer spending slowed markedly over the first half of the year. Later that day, the Federal Reserve held interest rates steady, citing inflation and a solid labor market.”

“It was vindicated by another report Thursday that showed price pressures remained stubborn, then contradicted in spectacular fashion Friday by a lower-than-expected rise of 73,000 jobs in July accompanied by a significant downward revision to the prior two months. Job growth in the past three months was the lowest since 2010, except during the peak months of the pandemic. President Trump was so upset at the data he fired the head of the statistical agency that produced it.”

Bryan Mena: Did Trump just royally screw up?