ne week after the latest Q2 GDP revision came in hotter than expected on the back of what was supposedly a surge in consumer spending, which helped push US economic growth to a 3.0% pace in Q2, more than double the 1.4% in Q1, moments ago the Fed published the latest Beige Book reports according to which US economic activity "grew slightly" in three Districts, while the number of Districts that reported flat or declining activity rose from five in the prior period to nine in the current period, refuting any speculation of a recovery in the economy. While economic activity was stagnant at best, the labor market was