| Economists the world over know that every variable counts, in tilting the economic order into a recession. The latter is defined as a contraction of two quarters.
For instance, instead of adding 196,000 jobs in the last quarter, which was widely expected by the US economists, the US economy added 170,000 only; a figure once again confirmed by theA shortfall of 26,000 blue and white-collar jobs, while not necessarily helpful, is nevertheless a sign of a US economy that is adjusting quite well to the on-again, off-again Sino-US tariff war that has been delayed to Dec 15, 2019.
But the US, German, and Japanese economies have yet to contract by two consecutive quarters. A correction in the stock market cannot be confused and conflated with the global financial crisis of 2008. Foroohar is right to claim that the strong growth in the US is due to such policies. But she has also neglected another key dimension that led to the growth of the US economy: digitisation. Jeremiah Ouyang has christened what is happening in the DNA of the global economy as a"honeycomb" economy where all things left dormant can be used and shared, often through an app.
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