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How 'bout that roaring US economy? Anyone? chirp...chirp...chirp. : )

Posted by jdaniel@jps.net on November 9, 2021 at 08:19:46

By the numbers: Economic strength is undeniable, both in the country overall and at the household level. The economy is expected to grow 5.7% this year.

Almost 6 million jobs were created just between January and October; the unemployment rate is now just 4.6%. The quit rate, the standard barometer of workers' optimism, hit an all-time record high of 2.9% in August.

Average earnings are up 3.5% this year and 4.9% annually, to $31 per hour.
Checking accounts are 50% fatter than they were pre-pandemic, while the bottom 50% of the population now has more than $3 trillion in household wealth - up 32% just in the first half of this year, and up 55% from before the pandemic.

Stocks hit a new record high every day last week (and yesterday, too), and are up more than 30% year-t0-date.

Yes, but: 56% of voters think the country is on the wrong track, up from 39% in June, per the Harris Poll; 57% think the economy is weak, up from 43% in June.

The Gallup economic confidence index is now at -25, down from positive territory in June.

Inflation, both reported and actual, is a central concern. The most salient price in the economy - the gas price - is up 62% over the past year, to $3.42 per gallon, and the most recent inflation rate, released tomorrow, is expected to come in at an eye-popping 5.8% year-on-year.

Cable news has been talking about inflation much more frequently, with a particular spike at F^^ News.

Once you start looking for inflation, you see it everywhere. And it's very hard for individuals to quantify from their own experience.

• https://www.axios.com/economy-inflation-stocks-good-pessimis   (Open in New Window)

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