“The “Big R” for the U.S. economy now looks like it’s “Resilience,” not “Recession,” as economists at Bank of America recently put it. . . . Unemployment, which rises during a downturn, plunged to 3.4%; it hasn’t been this low since the spring of 1969.
Meanwhile, the inflation dragon continued to calm down, dropping to 6.5% from its high last year of 9.1%.”
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What that statement overlooks is that the weak workforce participation rate takes the wind out of the sails of the headline unemployment rate as an indicator.
A TON of people are unemployed but not in the workforce, so they aren't being counted in that headline number.
Meanwhile, ALL inflation is bad. Calming down doesn't mean getting better, it means remaining bad. 6.5% remains bad and contributes to recession, or at least low economic performance.
