Update: The US Economy Is Stalling Fast

The US economy is even closer to stagflation today.  

Following this week's weak numbers for Industrial Production and Housing Starts, the latest GDPNow update for 3Q2021 real GDP is at a mere 0.5% (annualized). The Atlanta Fed projection was at 6% as recently as August 27. 

Meanwhile, the mean Blue Chip consensus estimate stands (sleepwalking?) at 3.7%, with a range of 2.10% to 5.25%.

We know that inflation is very high with September CPI at 5.4%, so unless the Atlanta Fed estimate is grossly wrong, stagflation is no longer a possibility but a reality.