US continues slow, steady recovery

16 Oct 2014 by Jim Fickett.

In the last few years the US has made slow but remarkably steady progress in recovering from the effects of the financial crisis.

A few weeks ago gross domestic income, in addition to gross domestic product, became available for the second quarter. Growth in both GDP and GDI has been remarkably steady for several years now:

In the grand scheme of things, the small tick down at the end of 2013, and the tick back up in early 2014, which have generated miles of column inches, is insignificant.

Similarly, although many people have gotten excited by recent employment reports, the trend growth in the number of jobs is remarkably steady (and rather low):

The Fed is blowing bubbles that will later bite us. But for now the recovery is on track.

For background, sources, and past commentary, see the reference page US GDP.