Let's see. Slowing, but not crashing, construction activity and consumer spending, signs of strength in manufacturing , stubbornly elevated inflation numbers. Yep, that sounds familiar.
Here's the breakdown on those inflation numbers:
If you are a big fan of the market-based PCE -- congratulations! Otherwise, same old story.
Check out William Polley, with his links to The Big Picture and to Econbrowser, for thoughts on how all this might impact next week's meeting of the Federal Open Market Committee. For now, options on federal funds suggest the answer is that a pause is still the bet, but the resolve is weakening just a bit:
