CHART OF THE DAY: A Close Eye On The U.S. Consumption Cycle

On the Consumption Cycle, yesterday’s news = continued #acceleration on a trending basis, but not an absolute #acceleration to a new cycle high. By that I mean:

1. Real PCE (Personal Consumption Expenditure) #accelerated to +2.7% y/y in APR vs. +2.4% in MAR
2. Vs. Consumption Cycle peak growth rates of +2.9% y/y in NOV/DEC 2017 (post Tax Reform giddiness)