Connect with us


The Economy: “Everything Is Awesome!”




|| By FITSNEWS || There’s a Reuters post out today from reporter Lucia Mutikani extolling recently released producer inflation and industrial output data.

According to Mutikani, producer inflation “rose more than expected in June as the cost of gasoline and a range of other goods rose, indicating the recent oil-driven downward spiral in prices was abating.”

Really … so that 0.3 increase (instead of the expected 0.2 print) is somehow good news?  What about the 0.7 percent year-over-year decline?

Oh … and regarding that “oil driven downward spiral,” what about the U.S. Department of Energy (DOE)’s latest report showing crude inventories dropping by 4.346 million barrels last week (and crude production slipping by 4.4 percent – its steepest drop in two months)?

Hmmmm …

And as for that industrial output – which Mutikani’s report referred to as “a rebound” – the 1.54 percent year-over-year increase is actually the weakest growth on record since February 2010.

Translation?  Everything isn’t awesome.

This isn’t a news article, it’s propaganda – intended to support the U.S. Federal Reserve’s plan to raise interest rates later this year.

Just ask the financial analyst Mutikani got to weigh in on all this good news …

“Today’s data support the Fed chair’s message that the economy can support a rate hike,” the analyst said.

Ah, yes.

Here we go again, people.

Rainbows, unicorns.  Rinse, repeat …