Parched Georgians are looking to the sky for signs of rain. Sadly, it is the U.S. economy, rather than the sky, that threatens stormy weather. In barren economic times, is there a ray of light leading the way?
Given the continued moribund housing and job markets, it may seem hard to believe, but the economy has been in recovery mode for two full years since the trough of the “great recession.” Total economic output has reached an all-time high. The nation has nearly two million more people on payrolls compared to 15 months ago. The stock market nearly doubled since its low in early March 2009. Even the declines in the stock market the past few weeks pale in comparison to its upsurge the prior two years.