Summary: Let’s look at the four key measures of growth for the US economy. They show the big news about this economic cycle: six years of amazing stable and slow US growth, shrugging off repeated shocks. This has surprised almost everybody, and proven most forecasters wrong. There are important lessons we should learn from this.
Real GDP: slow GDP growth since Q1 2010 with only ½% swings around the average.
Per capita GDP, a better measure of how well we’re doing, has grown only 1.8%/year.
Nonfarm payrolls: slow stable job growth since September 2011 with only ½% swings around the average.
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