There is always something cathartic, when realism get some words in edgewise on financial-tainment. Steve Ricchiuto, Chief U.S. Economist at Mizuho Securities, managed to do it for a few moments on CNBC this week.
“The deflation story is very, very critical but there’s also this wrong concept that I keep hearing over and over again in the financial press about this acceleration in economic growth. That isn’t happening. Last month we had a horrible retail sales number. We had a horrible durable goods number. We’re likely to have a very disappointing retail sales number coming forward. This month we’ve had a strong payroll number – we say everything’s great. It’s not great. It’s running where it’s been. It’s been the same thing for the last five years. There’s no improvement in the economy.”
Here is a direct video link.
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