The BBC publishes
revised data for US second quarter growth which seems to have held steady at 3.3%.
Quote: The US economy has exceeded 3% growth for nine straight quarters running.
I'm no economist but that seems to be reasonably strong growth over 2 years.
Another item, also from the Beeb, says how the number of millionaires has gone
from 6 million in 2001 to 9 million in 2005. Prima facie, that sounds pretty impressive too. Finally, from what I could find at the BLS site (and anecdotal evidence from recent graduate friends), unemployment too is edging down -
below 5% for the first time since August 2001.
This is of interest because compared to the rest of the OECD, the US economy seems to be doing okay. Even Britain which was immune from economic downturns right through the dotcom recession seems to have hit a rough patch. Grim headlines from today's Independent newspaper - Retail sales hit 22-year low. Growth at 12-year low. Inflation at nine-year high. Unemployment rising. - to this effect.
On the down side:
So I guess what I'm asking is : what does all this mean? Is the economy in good shape, bad shape or okay shape? Are pessimists merely being Cassandras, or are the economic fundamentals strong? Do economists and forecasters really know what the hell they are talking about?
What do you people think? Would really appreciate it if someone with a bit of expertise could explain what's going on.