The post-stimulus economic data are converging. Jobs are sucking harder than a hobo at Rose ‘a Sharon’s tit, and the GDP, money supply (credit), and housing are all tanking. On top of it all, people are feeling downright miserly and cantankerous. Murderous, even.
Let’s take a look at the Consumer Metric Institute’s Growth Index, which bases its data exclusively on the 70% of US GDP driven by consumers, and which over the past five years has done a remarkable job as a leading indicator of GDP. Here, the CMI is overlain with GDP and the S&P 500.