Why You Don't Matter Anymore ........... (Economically Speaking)

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Late last week the US shocked economists with a report that contained results they were not really expecting. The economy had grown at a shocking 3.8% pace in the second quarter, seemingly putting to rest all concerns about a softening job market, trade wars, the cost of living, skyrocketing defaults, declining labour force participation, sector‑wide crises, and slowing productivity. Sounds great, right? But there is a lot to unpack. GDP isn’t a flawless measure, even in normal times, and there is much going on. By reading the data behind these figures, three interesting stories emerge that challenge many assumptions about how our economy should work. This goes beyond simply growing inequality, which is no longer shocking. If you’re looking for a sign of how healthy and balanced the current market is, a new report reveals that there are now more private equity firms in America than there are McDonald’s. The reason is simple: if all these numbers needed a headline, it would probably be “You Don’t Matter Anymore” (economically speaking).