This month’s release saw continued disinflation in many sections of the Producer Price Index, but a look at the chart for the Final Demand index tells the whole story: producer prices have been parked since June of last year, up just 1.3% over that time period.
Golden Path, Normalisation, Soft Landing
Trade continues to slow with the broader economy.
In every month of the past twelve months, public spending on construction increased. This has never happened before in this dataset, and it is double the next-longest period of continuous increase.
What a great GDP print. 8.5% nominal growth, and 4.9% inflation-adjusted on the first revision.
