The US Economy Is Kind of Meh

Facts matter: Sign up for the free Mother Jones Daily newsletter. Support our nonprofit reporting. Subscribe to our print magazine.

A couple of years ago, wonky bloggers started really digging into new releases of economic data. When GDP numbers were released, you could find a dozen posts diving deep into the weeds and explaining why the numbers did or didn’t really matter: defense spending was artificially up, inventory gains were wacky, the timber industry had an unusually good quarter, etc. etc.

Then that got tiresome, as everyone realized that there are details like that every quarter. Most of the time, the headline number is pretty much the best indication we have of how the economy is doing.

Now we’ve entered a third phase, in which the fashionable thing is to discount even the headline number because it’s just going to get revised next quarter anyway. So who knows?

I have a feeling that people who are new to economic analysis go through these phases routinely, while the wise old hands nod along and wait for them to pass. Now a new generation has done this, and a few years from now we’ll all be nodding along with a smile when a fresh batch of kids comes along and discovers that GDP reports and employment reports come with loads of detail to analyze and are always revised once or twice before they settle down.

In the meantime, GDP grew 2% last quarter. That’s not terrible, but not great. We need to do considerably better if we want to get unemployment down to acceptable levels. And like it or not, that’s about as much as we know: the economy isn’t terrible and isn’t great. It would be nice to know more, but we don’t.

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

payment methods

We Recommend

Latest

Sign up for our free newsletter

Subscribe to the Mother Jones Daily to have our top stories delivered directly to your inbox.

Get our award-winning magazine

Save big on a full year of investigations, ideas, and insights.

Subscribe

Support our journalism

Help Mother Jones' reporters dig deep with a tax-deductible donation.

Donate