Reports Of American Consumer’s Demise Were Greatly Exaggerated
It was another rough day for macro forecasters.
Actually, wait. The joke's on me. And you. Because macro forecasters -- "professional" economists -- get paid to be wrong. Handsomely. They get paid handsomely to be wrong. It's the only profession (that I'm aware of, anyway) where you can fail habitually and remain gainfully employed without anyone so much as batting an eye.
Collectively, the professional macro forecasting crowd expected the control group aggregate in the monthly US retail sales
The car sales declines were due to the CDK hack, so will reverse in July and August.
Correct. Which speaks further to the idea that the American consumer isn’t faltering consistent with any recession narrative. Or at least not yet.
Don’t forget traders as well. You might get fired from your current job for being wrong and losing money, but you can just walk into a seat at another firm!