McCullough: ‘Gargantuan’ Turn In U.S. Small Business Data

The pulse of the U.S. economy just delivered a jolt of optimism.

NFIB Small Business data released on Tuesday surged to its highest level in more than three years, marking a dramatic turnaround that has analysts and investors taking notice.

In this clip from The Macro Show, Hedgeye CEO Keith McCullough breaks down the implications of this significant move and its potential to fuel an extended market bull run.

"This is a very good leading indicator when you come out of the bottom," McCullough explains. "This is a gargantuan turn in small business. I can only go back so many times in my career and find something like this."

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[deseosuho]

Can you think of any time in history when we simultaneously had 1) the S&P 500 valuation ratios to both M2 and US GDP above the 95th percentile of all prior periods; and 2) the underlying macro economic data bottoming and going positive again? Something is fishy. You're either going to have an equities correction or blow all past records for equities over-valuation out of the water.

[chrisraymond]

Quad 2…..what happened to your Quad 4 call ?

[abvincent]

Since 1980 every Republican administration has left this country in recession: 1980 - 1992 (1990); 2000 - 2008 (2008); 2016-2020 (2019). Business sentiment means nothing when the entire economy since 2008 has required stimulus. Since QE after the deregulation of housing and destruction of millions of Americans the market is up nearly 800%. Now we are running $2 trillion dollar deficits to fuel the asset valuation insanity. So small businesses may feel hope, but it won’t last without more and more trillion dollar stimulus. And if they do, inflation will decimate the poor and middle class with insane inflation. Given the financial perils at hand it’s safe to say most these small businesses won’t even be in business in a few years.

[chrisraymond]

So you have had a small business recession and the market are still at ath, maybe markets are just slow to react ?

[chrisraymond]

Quad 2…..what happened to your Quad 4 call ?