The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of the hardest-hit industries’ activity is beginning to tick back up above 2019 levels. Along with that boom, there are clear signs of inflation and concerns about overheating. Even Janet Yellen seemed concerned for a few hours last week.
Succinct Summary: Effects of the weakening global growth can be seen in the hospitality industry where lodging demand has slowed. Fewer companies are intent on hiring or spending on hiring despite the tight labor market. Mortgage prepayments are rising given the lower rates. Further afield, Germany could be headed for a recession and the Chinese automobile industry is having a tough time.