Recent economic data in the U.S. reinforces our "stagflation lite" view as early signs of tariff impacts have emerged alongside unexpected labour market weakness.

In this episode of the 10-Minute Take, RBC Economics' Claire Fan and Carrie Freestone break down:

• What stagflation lite means and why it's different from severe stagflation in the 1970s.

• How producer price data are showing early impacts of tariffs before these fully reach consumer prices.

• Why dramatic downward revisions to employment figures signal a concerning trend.

• What this scenario in the U.S. means for Canada’s export-dependent economy.