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