Consumers Getting Older

(1) Is 3M stock price a reliable indicator of global economic activity? (2) Not a perfect barometer, though it is correlated with M-PMI in US and Eurozone. (3) Is the global slowdown Trump’s fault? (4) Can’t blame Trump for aging demographics. (5) China’s slowing retail sales growth showing country’s aging trend. (6) Italians want to retire earlier. (7) Brazilians are retiring young. (8) Happy consumers once meant high P/Es. Not this year. (9) Misery Index remains near cyclical lows. (10) Investors fear low jobless rate will lead to higher inflation and interest rates. (11) Despite plentiful jobs, wage inflation remains subdued.