Forecasts? Don’t talk about forecasts. You kidding me? I just want to know what’s happening now!
With apologies to Jim Mora, that’s our problem. What’s happening in our economy, right now?
In the first week of March, we’d have answered that gross domestic product above inflation grew 2.4 percent at an annual rate in the fourth quarter 2019, and the unemployment rate was 3.5 percent in February 2020. In early March we could be confident that real growth was in the neighborhood of 2 percent per year, where it had been for about 10 years, and the unemployment rate was near its 50-year low, as it had been for the previous year.