Economy Is Growing, But Don't Expect It to Soar

The most recent employment and other broader economic data suggest that the pandemic economy is now caught in a low-growth rut, a plateau, with little in the way of meaningful prospects for acceleration. We saw this in Friday's pale employment report, which pegged September's job growth at just 661,000 when some 850,000 were expected. That said, it is clear that when the Commerce Department's report arrives later this month, third-quarter GDP growth will look unusually strong. But that's what we should expect when the economy is coming back from the dead. Still, even plateaued growth represents meaningful progress relative to March, April, and May, but the desired just-right, Goldilocks economy is nowhere in sight. Read Full Article »