Spending on gasoline plunges due to plunge in price. “Real” spending on durable goods, amazingly, jumps for 2nd month. Services spending rises but stuck below pre-pandemic trend.
Forget “housing shortage.” It’s about crazy prices: For sales to revive at these mortgage rates, prices have to come down a lot, and they’re starting to.
Overall supply at retailers still 18% below normal, huge shortages in some segments, gluts in others. Thankfully, grocery stores only a tad below normal.
