By Charles Biderman
The Bureau of Labor Statistics reported 204,000 new November jobs and everybody said wow, the US economy must be doing better then we thought. Similarly, the Bureau of Economic Analysis reported that the US Gross Domestic Product grew by 2.8 percent in the September quarter. If you only used government data, the impression is that maybe the economy is indeed getting better and we can grow our way out of the current no growth swamp.
What nonsense. No one, at least no one I have noticed or than me, has said that maybe the numbers suck. Look, what’s really going on is that the US economy is barely growing and what growth there is at a slower pace than last year. Rather than improving, flat lining is the best description of the US economy.