The news about America's economy that dribbled out over the first half of March painted - once again - a picture that only a schizophrenic could create. Real investment (investment adjusted for the declining prices of high-tech and information-related capital goods) continued to roar ahead. Production and sales were consistent with the consensus forecast of real GDP growth at an annual rate of 4% or more. Yet, despite all this, employment remained stagnant: net job creation in the United States continues to stall.
The news about America's economy that dribbled out over the first half of March painted - once again - a picture that only a schizophrenic could create. Real investment (investment adjusted for the declining prices of high-tech and information-related capital goods) continued to roar ahead. Production and sales were consistent with the consensus forecast of real GDP growth at an annual rate of 4% or more. Yet, despite all this, employment remained stagnant: net job creation in the United States continues to stall.