Divergence in Economic Indicators

The current state of the U.S. economy presents a perplexing disconnect between survey data and GDP numbers. While government data suggests robust growth at around 3%, survey data from private sectors indicates a more modest expansion of approximately 1.5%. This discrepancy raises questions about the true health of the economy, especially as recent reports show significant parts of the economy in stagnation or contraction. Surveys, including the Beige Book, echo concerns typical of previous recessions, challenging the prevailing narrative of economic exceptionalism.