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Title : US Economy Hitting On All Cylinders -- The Political Page, T+197 -- August 5, 2017
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US Economy Hitting On All Cylinders -- The Political Page, T+197 -- August 5, 2017

Top story in The Wall Street Journal this morning:

Jobs Growth Contributes to Uncommonly Strong U.S. Economic Picture. Employers add 209,000 jobs as jobless rate drops to 4.3%, a 16-year low.

It's too bad the story is behind a paywall; perhaps googling will get you to it. The lede:

The U.S. economy is hitting a sweet spot seldom seen in past expansions, posting in July a record 82nd straight month of job creation and an unemployment rate at a 16-year low, despite slow growth in output.

Economic growth has been stuck stubbornly near a 2% annual rate, the weakest expansion in output since World War II.

But by a range of measures the economy is pushing into new territory, including record stock-price highs, improving consumer confidence and rising corporate profits. Even wages, though rising slowly, are advancing at a healthy pace when adjusted for exceptionally low inflation.The latest evidence was a Labor Department report Friday that showed U.S. employers added 209,000 jobs to payrolls in July and the unemployment rate fell to 4.3%.

With the July increase in hiring, the record stretch of monthly hiring is equivalent to six years and 10 months, almost three years longer than the second-best streak, from 1986 to 1990. Expansions tend to get tripped up by boiling excesses, like a housing bubble in the 2000s, a tech bubble in the 1990s and inflation in the early 1980s. But this economy appears to have some more room to run as it enters its ninth year. 

And then this.

That points to an economy set to outperform the long but sluggish expansion’s 2.1% average annual growth rate through June.

“This is not a 2% economy,” said Ellen Zentner, chief U.S. economist at Morgan Stanley. “If you look at the domestic economy, it’s much stronger.”

Comments:

• one has to ask, why is it happening now? Why didn't this happen in 2000? Or 2008? Or 2012? Or 2016? My thoughts at this post
• due to peculiar circumstances, I was home almost all day yesterday; I watched a lot of business news yesterday (almost all CNBC; very little FBN). Despite listening to several hours, I suppose of business news, not once did I hear that the unemployment rate is at a 16-year-low -- I knew it ticked down to 4.3% -- but I did not know it was at a 16-year low
• 16-year low: two lost decades -- the Bush administration was bad enough (hardly all his fault -- Hurricane Katrina and 9/11 -- but the following eight years was abominable, starting off with a beer summit and ending with BLM
• love him, hate him: perhaps the best single "commentator" on the stock market is Jim Cramer; almost never gets political; great insight; his comments a week ago when tech stumbled were incredibly prescient

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