Americans’ expectations for the economy slumped in May by the most since October 2013, casting doubt on consumers’ ability to revive growth. A measure tracking the economic outlook fell by 6 points to 44 this month, data from the Bloomberg Consumer Comfort Index showed Thursday. Thirty-nine percent said the U.S. economy is getting worse, the largest share since the federal government shutdown 19 months ago.
The recovery, which we are ceaselessly being assured is either here or about to arrive, “this summer,” has never really materialized.
The U.S. economy has largely disappointed this year, with weaker-than-expected retail sales data last week capping a recent run of reports showing scant momentum. Consumer spending, which accounts for almost 70 percent of gross domestic product, climbed at a 1.9 percent annualized rate in the first quarter, the slowest in a year and less than half the 4.4 percent advance in the final three months of 2014.
One suspects that this will be noticed by the “everyday people” who are, after all, living it.
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Speaking Tuesday at the 45th Annual Washington Conference of the Council of the Americas, Secretary of State John Kerry said that "countries are far more likely to advance economically and socially when citizens have faith in their governments and are able to rely on them for justice and equal treatment under the law." Kerry said that a "new kind of relationship" with Latin American countries, emphasizing democracy and human rights, will contribute to "our common ag
Bill de Blasio ran Hillary Clinton's New York Senate race in 2000. But he's not yet ready to endorse his former boss for president of the United States. He made the comments this morning in an interview with NBC's Chuck Todd:
Todd asked, "Are you for her now, unequivocally, or do you want to wait to see if she takes your advice on moving to a more progressive agenda?"
The strong dollar, warns Larry Fink, CEO of BlackRock in a letter to be released to shareholders next week, “will lead to an erosion of confidence on the part of CEOs, with the potential to slow both investment decisions and future growth in the U.S.” When you manage almost $5 trillion in assets, and monitor perhaps twice that much for the U.S.
After China supplanted Japan in 2011 as the world’s second-largest economy, some China scholars, as well as pundits and economists, began forecasting when it would supplant the United States as the largest. Extrapolating China’s remarkable 9-10 percent average annual growth in the prior three decades, these forecasters placed the GDP crossover in 2020. When China experienced a slowdown to 7-8 percent growth in 2012-2014, the crossover was deferred to 2024-2025.