Don’t be. Government reporting tricks will make it all better.
Really we’ve been bumping along the floor for a very long time. Much of the American economy is still mired in the “Great Recession.” Many people don’t even remember what organic prosperity looks like.
Unemployment (the official unemployment number) keeps going down bit by bit because people are dropping out of the workforce not because people are newly employed.
We’ve written about this in the past. The most important industry in the USA, also the least regulated (go figure) is tech. Technology companies thrive on innovation and beating each other to market. Historically tech, based on the other side of the country from Washington DC, has been a fairly free market. There is a reason why the price of computing comes down every single month and the quality goes up. The power the average person holds in his or her hand when they glance down at their iPhone is well beyond what a computer the size of a city block could do a generation ago. This is because of a relatively free market and very limited government influence.
If the government is spying on the communications between individuals, companies, and governments to gain informational advantages in trade negotiations, general law enforcement, “homeland security,” and nearly everything else, the chilling effect on the overall economy could be profound.
China is coming to grips with economic reality increasingly. The numbers coming out of the PRC, long suspect, are now widely regarded as being very optimistic. China may be going through its first recession in 30 years, but we don’t know because the data is dung.
The recession (depression) never ended for most people. Those who have access to the financial markets, which have been inflated by the Federal Reserve have done well. The average family in the USA however now operates with 7% less than it did in 2008.
There they go again.