The signal to noise ratio in the U.S. economy is blaringly anomalous.

The strength of economic signals is about as strong as ever, amid a noise level that seems extraordinary in post-War history.

The distractions come in waves: A trade spat broke out between the U.S. and its allies at the end of the annual G-7 summit. Meanwhile, President Trump upped the ante in a trade skirmish with China by adding tariffs on $50 billion of imports from China, and worries about a global slowdown escalated as tough trade talk spread.