the three-hand only real GDP growth. Of course, you can manufacture that with a surging soybean exports and lower imports and bulleted inventories. But the point I'll make is that the numbers that stuck out to me in the first quarter was the negative 1.1 on capital spending. Are we seeing a lot of slack? Exist capacity? Well not in the labor market. We've hit the wall on the labor market. Industrial absolutely. You can see it in the declining cap U-rate. Right. I mean, it might have ticked up last month with the industrial production number, but the cap U-rate has been declining. And that is reinforcing a view of slack in the industrial sector. And of course, alongside that decelerating pricing power, which is coming through in the profit numbers, which have been steadily revised this year, Q1, Q2, Q3. You mentioned Chairman Powell's point about there being a tight labor market. He said that in the context of consumer spending coming back in the second quarter. And that was part of a (13/57)
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