Solid Services

Wage and productivity growth are scant, exports, energy, agriculture and mining are weak, the manufacturing sector is in recession and unsurprisingly GDP growth is sluggish. At the same time job growth is good, unemployment is low, and the service sector is doing well. And that’s the key. As a post-industrial economy, services account for 86% of the US workforce. A solidly performing service sector will keep us out of recession.