What a difference two weeks makes: On September 3, US "manufacturing" according to Bloomberg, grew at the fastest pace in three years [5]...
[6]
Fast forward to yesterday [7],when somehow - in the face of allegedly soaring "manufacturing" - Industrial output dropped.
[8]
It is almost as if in the New Normal i) industrial output is no longer considered manufacturing and ii) when respondents are asked to share their outlook on the economy they have a, seasonally-adjusted of course, bullish bias.
Who would have thunk it?
But hey, as long as those PMIs and other now laughable surveys keep soaring, who cares about the actual "data. [9]" All that matters is how people feel, and as such the time has clearly come to emotionally-adjust GDP as well.
[10]
h/t @GreekFire23 [11]
