This might surprise many disgruntled voters, but the U.S. economy is doing quite well.
After all, oil prices have repeatedly exceeded $100 per barrel, pushing gasoline prices above $4 per gallon. The U.S. government’s borrowing costs are rising, pushing mortgage rates above 7%. Consumers are gloomy and the polls on the president that of Donald Trump the management of the economy is terrible.
And yet the economy is growing, driven by a boom in investment in AI and by ordinary citizens who continue to spend despite the pressure of higher prices. A survey carried out last week by S&P Global showed that U.S. business activity accelerated at the fastest pace in more than five years, boosting employment and manufacturing production. This suggests that GDP may have grown at a rapid pace of around 4% over the past three months.
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