This week, the Bureau of Economic Analysis (BEA) announced the US economy grew at a 2.3% annualized rate during 2Q 2015. It made all sorts of revisions to previous estimates, bringing up 1Q 2015 GDP to 0.6% from negative territory, and taking 2013 down to 1.5% from 2.3% among other changes. While the numbers might have changed, the story didn’t: the US economy has been growing at a tepid rate for a pretty long period of time.
Unless something dramatic happens in the last 6 months of this year, we will have gone a full decade since the US had a 3% GDP growth rate in any calendar year. By this measure, the last 10 years, when combined, have been the weakest 10-year cycle since the end of World War II. Unfortunately, no serious analyst sees any real significant change in the foreseeable future…Read On…
The opinions expressed within this report are those of John Norris as of the initial publication of this blog. They are subject to change without notice, and do not necessarily reflect the views of Oakworth Capital Bank, its directors, shareholders, and employees.