As the Democrats have politically detonated the war on MAGA and have indicted Trump, the national narrative will be focused on the political drama – with all its ins and outs.
Former President Donald Trump in court hearing the charges against him. #FPOTUS #Trump pic.twitter.com/A4hhbiPdYJ
— Edward Lawrence (@EdwardLawrence) April 4, 2023
Meanwhile, the economy is tanking. Looking at the Atlanta Fed’s GDPNow, clearly shows where the focus of the country should be. See this in the chart below and learn more here.
The March Manufacturing PMI® registered 46.3%, 1.4% points lower than the 47.7% recorded in February – the PMI is one of the key forward-looking economic indicators. Regarding the overall economy, this figure indicates a fourth month of contraction after a 30-month period of expansion. The Manufacturing PMI® is at its lowest level since May 2020, when it registered 43.5%.
The table below shows that the economy is not only rolling over to the downside but is starting to accelerate.
Entering April, it has provided us with largely weak economic data.
- Manufacturing PMI fell further to 46.3 (the 5th month in a row below 50)
- JOLTS job openings actually fell and are back to levels last seen in the summer of 2021 (the Quit Rate at 2.6% was still higher than the historical average (2.4%) but well off its peak of 3%).
- Factory orders and durable goods remained in decline.
- ADP was “only” 145k, down from allegedly 261k last month.
IMF warns global growth outlook weakest in over 30 years. See this in the chart below and learn more here.
We shall see what the jobs data provides for April, but perhaps it may be meaningless – since many are checking out of the economy – “quite quitting” anyway. But no, our politicians will be more focused on political infighting, and our economic welfare will take a back seat.
By Tom Williams
