This week’s CQM has updated important August economic indicators. Economic growth rate in 2021Q3 is forecasted to be 2.39% on the expenditure side and to be 2.21% on the income side. CQM forecasts GDP price deflator to be 6.00%. PCA forecasts economic growth rate in 2021Q3 to be 3.83% and GDP price deflator to be 5.5%. PCA forecasts for economic growth and inflation are a bit more optimistic than CQM. We can predict following things to narrow the gap between the CQM and PCA forecasts: *Low growth in money supply in August and September.　*Low growth in S&P500 in September.　*Low growth in CPI in September.　*High growth in retail sales in September.