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Rich Miller: U.S. Retakes The Helm Of The Global Economy
The U.S. is back in the driver’s seat of the global economy after 15 years of watching China and emerging markets take the lead. The world’s biggest economy will expand by 3.2 percent or more this year, its best performance since at least 2005, as an improving job market leads to stepped-up consumer spending, according to economists at JPMorgan Chase & Co., Deutsche Bank AG and BNP Paribas SA. That outcome would be about what each foresees for the world economy as a whole and would be the first time since 1999 that America hasn’t lagged behind global growth, based on data from the International Monetary Fund. About 3 million more Americans found work in 2014, the most in 15 years and a sign companies are optimistic U.S. demand will persist even as overseas markets struggle.
The U.S. is breaking away from the rest of the world partly because it has had more success working off the debt-driven excesses that helped precipitate the worst recession since the Great Depression. “The progress has been far greater in the U.S.,” Glenn Hubbard, dean of the Columbia Business School in New York and a former chief White House economist, told the American Economic Association annual conference in Boston on Jan. 3. The U.S. has pulled ahead of other industrial nations partly because its policy-making has been better, according to Paul Mortimer-Lee, chief economist for North America at BNP Paribas in New York. U.S. budget policy also has been more effective than the euro region’s austerity strategy, which undercut the continent’s economy, Mortimer-Lee added.
More here
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When I went to bed, I curled up tight, scrunched my eyes tight, crossed my fingers, and hoped hoped hoped for a jobs report like this.
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Justin Wolfers (@JustinWolfers) January 09, 2025"Thanks to the hard work of the American people, the United States of America is coming back." —President Obama http://t.co/d6y4hZqPTA
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The White House (@WhiteHouse) January 09, 2025****
.@LaborSec says he's watching ratio of job seekers to job openings. It's getting better fast.
53eig.ht/1wV0B3T http://t.co/YVcfjbw8h3
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Ben Casselman (@bencasselman) January 13, 2025Hints of better quality jobs: More construction, more manufacturing, more full-time.
53eig.ht/1wCjVmp http://t.co/02YiIUuHuf
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Ben Casselman (@bencasselman) January 09, 2025****
Prime-age employment rate continues its gradual improvement. http://t.co/PMnrviKla0
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Ben Casselman (@bencasselman) January 09, 2025"2014 was the strongest year for job growth since the 1990s." —President Obama: go.wh.gov/AtwaKZ http://t.co/d6y4hZqPTA
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The White House (@WhiteHouse) January 10, 2025
