With Thursday’s release of the Q3 GDP report, there’s lots more talk about the state of the economy.

Is the economy doing as well as the headline GDP number suggests?

The short answer seems to be no. In fact, there’s lots of evidence to suggest underlying economic growth actually decelerated in Q3. Even worse, we got some other data this week that suggests the economy may be contracting in the current quarter.

Below is a preview of the macro crosscurrents review that will go out with this coming Sunday’s newsletter.