"It's All Good, Right?"

After GDP 'beat' yesterday in all its statistical instability, today was a disastrous data daya for the Fed's "everything is awesome" meme...

Mortgage Applications -4.3%
Durable Goods Ex-Transports MISS -0.9% vs +0.5% Exp
Initial Jobless Claims MISS 313k vs 288k Exp
Personal Income MISS +0.2% vs +0.4% Exp
Personal Spending MISS +0.2% vs +0.3% Exp
Chicago PMI MISS 60.8 vs 63.0 Exp
UMich Confidence MISS 88.8 vs 90.0 Exp
Pending Home Sale MISS -1.1% vs +0.5% Exp
New Home Sales MISS +0.7% vs +0.8% Exp

As The Burning Platform's Jim Quinn explains,

it really isn’t hard to connect the dots and see the real economy in the real world, outside Wall Street, is a disaster and getting worse by the hour. Below are a bunch of dots that have been issued in the last 24 hours. Here are the facts...

Real disposable income has risen at a 1.8% annual rate over the last four months. Meanwhile, real consumer spending has increased at a 2.4% annual rate over the last four months. I thought all those jobs Obama talks about should result in wages. Why is disposable personal income so pitiful if the unemployment rate is really 5.9%? And of course, these figures are based upon a fake inflation rate of less than 2%. We all know it is 5% or higher.

More