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.