Let us pause to appreciate the remarkable U.S. economy: It really doesn’t get much better than this, folks (Noah Smith, Oct 05, 2024, Noahpinion)
Essentially, there are four things you want from a macroeconomy:
You want high employment rates, so that everyone who wants a job has a job.
You want low and stable inflation rates, so that people know how much a dollar will be worth a month from now.
You want fast wage growth, so that regular working people are taking home their share of economic growth.
And you want fast productivity growth, because ultimately that’s what creates durable gains in living standards.
Right now, the U.S. economy is giving us all of those things.
Only the last matters and it will be driven by the trend towards zero of labor and energy costs.