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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

"... 'A pick up in US real consumer spending' – as you can see in the Chart of The Day, everyone and their brother/sister who does macro math should know by now that Real Consumption Growth was great at last year’s cycle peak of 3.32%; in rate of change terms the top is in; saying it’s “picking up” vs. the cycle peak is an obfuscation of the bigger picture."

CHART OF THE DAY: Is There A Pick Up In U.S. Real Consumer Spending? No - 03.03.16 chart