Economía marxista para el Siglo XXI

It was the bad winter


Michael Roberts Blog

US national output rose just 0.1% in the first quarter of 2014 – in effect, the US economy stalled.  This was well below forecast.  The US economy is now just some 2.3% larger after inflation than it was in the first quarter of 2013.  So the US economy continues to expand, but at a rate that is well below its trend growth rate before the Great Recession of 3.3% a year.

Even more dismal was national output per person.  GDP per capita fell 0.64% in the first quarter.  So, although US national output is now higher than it was before the Great Recession struck in 2008, GDP per-capita is still 10.8% below where it should be if there had been no slump.  Indeed, per capita GDP is at a post-recession low – see Douglas Short’s graphic below.

US real GDP

Now these figures were just preliminary ones and they are likely to be…

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