Consumer Demand Has Collapsed
The state of the U.S. economy is not as difficult as the 'experts' always claim. Simple business and checkbook economics always, always, tell you the future. You just have to be willing to accept things as they are, not as you would wish them to be.
Major increases in the value of goods have no value unless people are purchasing them. People are hunkering down.
The Bureau of Economic Analysis is likely to attribute a 0.5% increase in GDP to the lowering of imports and then apply a liberal dose of inflation to the value of goods and services created by the economy
This would avoid the technical definition of a recession
Three other factors also impact the import data
Operation hide the ships continues (CA regulation issue).
There is an ongoing labor dispute with the west coast longshoreman union, and shippers trying to avoid issues are rerouting to Gulf of Mexico and East coast
An ongoing independent truckers strike and protest happening at California ports
https://theconservativetreehouse.com/blog/2022/07/27/here-we-go-folks-u-s-trade-imbalance-shrinks-as-imports-plummet/
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