The U.S. remains in a deep employment hole, with 6.7 million fewer jobs in June than there were in February 2020. But that overstates the weakness in the economy, with last week’s second-quarter gross domestic product report showing American output is back at an all-time high. Last week’s personal income report showed worker incomes are at all-time highs, as well. What this divergence suggests is that a return to full employment will mean a higher level of output and worker incomes than is now appreciated, opening up a path for the economy to grow at a faster rate over […]
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