Hello “Normal” Economy And Goodbye (To The Idea Of A) “Boom”

Hello “Normal” Economy And Goodbye (To The Idea Of A) “Boom”

Share to Linkedin WASHINGTON, DC - MAY 18: Sen. Rick Scott (R-FL) speaks before a Senate Republican Policy luncheon at ... [+] the Russell Senate Office Building on May 18, 2021 in Washington, DC. Scott spoke on inflation and the rising cost of goods prior to the meeting. (Photo by Kevin Dietsch/Getty Images) In many parts of the country, no more masks! Businesses reopening. And it sure does look like the impact of the latest stimulus checks (helicopter money) faded fast. Despite the fact that the IRS continues to send out billions more in stimulus funds as they process 2020 tax returns, April Retail Sales fell -0. 7% M/M. Market expectations were for a rise of +1. 0%. In the retail sales world, this is a huge miss. Worse, the "core" figure that is used in the GDP calculations fell -1. 5% for April, the first month of Q2, not a good omen for GDP growth. That likely means that the high single digit and some double-digit forecasts for Q2 GDP growth will soon come tumbling back to earth. The University of Michigan's Consumer Sentiment Survey also threw cold water on the "boom" mentality. The overall survey retreated from 88.