Low-Octane Growth

(1) GDP has six cylinders on demand side and another six on supply side. (2) Some cylinders are sputtering, but GDP unlikely to stall. (3) Still cruising at 2%. (4) Gross Domestic Income continues to exceed GDP. (5) Labor gaining national income share as profit margin falls. (6) Consumer spending is healthy, especially on health care. (7) Capital spending remains weak, while inventories may be bloated. (8) Four regional Fed surveys show weaker economy in May. (9) Wall Street takes a random walk with the Fed. (10) Yellen again: Easy does it on tightening.