Analysts polled by Reuters had expected consumer spending, which normally accounts for over two-thirds of U.S. economic activity, to rise 0.3 percent last month.
(my emphasis added).
No, no, no. In a global economy, U.S. consumer spending does not necessarily translate into U.S. economic activity. If people are buying more imported television, cars, and clothing, you can get plenty of gains in U.S. consumer spending without corresponding gains in U.S. jobs.
This confusion between consumer spending and economic activity is not a harmless mistake. It goes right to the heart of the trade deficit, the budget deficit, and our inability to generate jobs.
Please note: I don’t mean to pick on Reuters. But this is getting ridiculous.