A Quick Look at the Economy Over the Past Four Years

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I don’t quite remember what got me going on this, but I thought I’d start off the week with a quick look at how the economy has been doing over the past few years.

First, here are two measures of core inflation (i.e., excluding food and energy), the Fed’s favored instrument for gauging price movements. Inflation hasn’t reached the Fed’s goal of 2 percent the entire time, and shows no signs of acceleration:

Here’s labor force participation. Its long-term decline has stopped for both men and women and has been basically flat for the past four years:

And here are weekly wages for production and nonsupervisory workers, adjusted for inflation. There’s been slow but steady growth for four years:

So inflation is subdued and shows signs of staying subdued. Labor force participation is flat. And wages of ordinary workers have been growing at about 1 percent per year.

There’s nothing really new here: these charts just show that the economy is in good shape. Not great, not bad, but pretty decent. You can tell a lot of different stories with data like this, so be just as wary of folks peddling doomsday scenarios as you are of presidents pretending that the economy is booming.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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