Rising jobs and incomes and low credit costs are the key components of a bright near-term outlook for the U.S. economy, writes Michael Ivanovitch.
show an annual increase well below 2%, and the unit labor costs in 2019 remained stable at 2% for three consecutive years.
The first GDP estimates for last year indicate that the trade deficit on goods and services declined by 3.4%, while the volume of U.S. sales abroad remained roughly unchanged. By contrast, the U.S. is not making any progress on its large trade imbalances with the European Union and Japan. Last year, the U.S. trade deficit with those two economies came in at $247 billion. That is a 5% increase from 2018 and an amount accounting for nearly 30% ofThe trade problem with the EU and Japan is large enough to warrant an urgent policy attention. That should be a logical next step following recent trade agreements with China, Canada and Mexico.
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