One week ago we reported that according to JPMorgan's trading desk, "sentiment was turning very negative on the US consumer", a shift which today's long-overdue revision to GDP data validated, after it confirmed that actual personal consumption had been far weaker in recent quarters than previously reported...
... and that US households had somehow saved $1.1 trillion less than previously "calculated" by the BEA (which we now learn was using erroneous assumptions for years and household disposable incomes were really far less).
