The final figures for US real GDP in the second quarter of this year (April to June) were released at the end of last week. They showed that the US economy was growing at an annual rate of nearly 4% (3.9%) in the summer after yet another poor first (winter) quarter of just 0.6% growth. So, compared to summer 2014, the US economy has expanded by 2.7%. Indeed, the US economy has been growing at that sort of rate for the last four quarters.
However, before the cry comes that, finally, American capitalism is back on a sustained trend in growth similar to that before the Great Recession, there are some caviats.
First, the growth in gross domestic income (as opposed to product) is much slower. GDI slowed to just 2.1% yoy in Q2 2015. Gross domestic income is the income received by American homes and businesses. If gross domestic…
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