This time it’s the Washington Post talking about this summer ‘booming’ economy….
But?
Gas prices are climbing….
Food prices are high….
And business’s ain’t bringing ANY prices DOWN….
Interest rates for cars and mortgages are higher than pre-pandemic times….
But things ARE Good?
It’s no secret the United States appears to have sidestepped economists’ worst fears of a recession. Many business owners began this year bracing for the worst — expecting to slash budgets and lay off employees. That fear was particularly acute for those, like Basu, in corners of the economy that specialize in nice-to-have luxuries that are often the first to get cut when times get tough.
But now the summer of 2023 is shaping up to be a period of unexpected expansion. With unemployment near 50-year lows, inflation edging down and wages rising faster than prices, businesses and families are still spending: Orders for American-made goods spiked in June and fresh data this week shows that retail and restaurant sales climbed for the fourth straight month in July. The Atlanta Fed is now predicting economic growth will top 4 percent this quarter….
…
“We’ve had three years of unusual and puzzling moments and frankly, this summer is just one more,” said Claudia Sahm, founder of Sahm Consulting and a former Federal Reserve economist. “People have been talking about a recession for two years — wishing on it, even — but the economy is still strong. Inflation is coming down, unemployment is staying low. Things are not cratering.”
Business owners around the country say demand remains brisk. Despite earlier precautions, such as cutbacks in marketing or delayed investments, many say they’ve been pleasantly surprised that people are continuing to spend. Instead of axing workers, some are hiring more or offering overtime, just to keep up…..
…
But business is up, despite higher price tags and interest rates. Sales are on track to rise 7 percent this year — less than the 9 percent growth Henig notched last year, but still a far cry from 14 percent drop of 2009….
“Media stories”
You mean reporting what Joe Biden says don’t you?
You think Biden is lying ?
Let’s say the President is trying to sell us on a used car that needs fixing for his poll numbers to levitate?