“Looking Glass Economy”
According to The New York Times, the messages from gross domestic product data, and hiring and employment data are very different. Gross domestic product indicates that the American economy is still struggling, but the hiring and employment data seem to show a strong and promising economy.
With the stocks dropping and oil prices still low, it’s perplexing how almost 300,000 job were created in December. The nature of the American economy is changing, and, therefore may explain the discrepancy. In fact, the sectors hardest hit (manufacturing and energy) count for less in employment than they do for output.
Thriving industries, restaurants, health, and professional services, act as strong anchors for the turbulent economic environment overseas.
The productivity remains a major factor in economic strength, the ever growing hiring rate indicates a hopeful future.