American exceptionalism may have faded, but not when it comes to the economy. The U.S. economy is still a “shining city on a hill.” Inflation is decelerating fast, productivity is surging and jobs are plentiful. There’s just nothing in any economic prints since the start of the year signaling that the economy is in danger of falling off a cliff. As a matter of fact, Americans, as suggested by various consumer surveys of confidence and sentiment, are finally shaking off the “vibecession” that has characterized the mood of the nation over the last 2 years. This improvement is bound to continue because incoming data is arriving ahead of expectations as illustrated by the Citi Economic Surprise indices.
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By: Hubert Marleau