They Keep Using That Word

Sometimes there’s joy in being wrong. For example, last quarter’s weak 1.8% GDP was not unexpectedly revised downward as I feared it would be. Instead, it stayed the same.

But jobless claims are up — unexpectedly.

Durable goods orders are down — unexpectedly.

Food prices are up — unexpectedly.

And a weak dollar is pushing oil up yet again — unexpectedly.