Manufacturing is back — but where are the jobs?
U.S. manufacturing is back. That’s been the conventional economic wisdom for months now. But at least one economic seer is throwing a bit of cold water on the idea.
As the pragmatic conservative economist Herbert Stein once said, “If something cannot go on forever, it won’t.” I’ve been thinking about that saying a lot in relation to today’s bull market and the complacency with which investors seem to view it.
The 2% economy—what caused this slow-growth cycle and what might cure it—was the make-or-break issue of the 2012 presidential election.
Has anything really changed in the labor market? That’s the question I’ve been asking myself since last Friday’s jobs figures, the most positive in three and a half years, came out.