There has been a notable change in the tone of the data recently as we have moved from stonking disinflationary boom to possibly-troubling reacceleration in recent weeks and now to possibly-troubling softness on the demand side. While prices paid and employment costs continue to come in hot, it’s becoming less obvious that the US economy is all systems go. There has been a spate of US economic warning signs of late, starting with the S&P PMI commentary on jobs a while ago, and more recently with weak GDP, weak Consumer Confidence, a stunning drop in construction job listings (JOLTS), weak Chicago, weak ISM, and ... (full story)