The writer is founder and chief executive of Longview EconomicsThe puzzle in the US economy is not simply that growth has slowed in the past two quarters — it is that the main indicators of its health no longer sit comfortably together.
Consumer spending has held up, corporate profits are near record highs and equities still command rich valuations. Yet real disposable income growth has cooled and job creation has been unusually weak for an economy that is supposedly still expanding solidly.
Those are not impossible combinations. But they are unusual enough to suggest that the apparent strength of the cycle is less broad than the headline numbers imply.
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