‘Resilient’ Still Best Describes The US Economy

The US economy has performed remarkably well this decade to date despite multiple unusual challenges that would have felled a less resilient economy. Widespread recession expectations failed to pan out repeatedly. The pattern continues, with today’s recession alarmists likewise bound to be wrong for reasons that Dr Ed explains. … Also: A look under the hood of recent GDP data. Capital spending has been robust, with more than 50% of the capital spending in nominal GDP reflecting booming investments in technology. Consumer spending is strong despite flattening disposable income, reflecting spending that’s not reliant on income—i.e., by well-heeled retired Baby Boomers.