November 9, 2021

SHUTDOWNS WORK:

The economy is great, but voters don't believe it (Felix Salmon, 11/09/21, Axios)

Economic strength is undeniable, both in the country overall and at the household level. The economy is expected to grow 5.7% this year.

Almost 6 million jobs were created just between January and October; the unemployment rate is now just 4.6%. The quit rate, the standard barometer of workers' optimism, hit an all-time record high of 2.9% in August.

Average earnings are up 3.5% this year and 4.9% annually, to $31 per hour.

Checking accounts are 50% fatter than they were pre-pandemic, while the bottom 50% of the population now has more than $3 trillion in household wealth -- up 32% just in the first half of this year, and up 55% from before the pandemic.

Stocks hit a new record high every day last week (and yesterday, too), and are up more than 30% year-t0-date.


Posted by at November 9, 2021 12:00 AM

  

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