Economy's Looking Up for Now as Double-Dip Fears Ease
A steady flow of not-entirely-terrible economic news has eased worries of a renewed recession and shifted the political spotlight from the Federal Reserve to the White House.
"The August data we've been getting has been encouraging. ... It's very likely that the economy continues to move forward in the coming months," said economist Bruce Kasman of J.P. Morgan.
The economic news increasingly has a bipolar cast to it. One day, a downward revision to the second-quarter growth rate makes a double-dip recession look like a real threat. The next, a drop in first-time jobless claims suggests that the wounded U.S. economy may muddle through after all.
"The economy is having a slow and halting recovery, because that's the nature of recessions triggered by financial crises," says Rob Shapiro, chairman of consulting firm Sonecon in Washington, D.C.
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A steady flow of not-terrible economic news has eased worries of renewed recession and shifted the political spotlight to the White House.