Not a Recession?

It’s mighty tempting to guess that the 2001 recession was about as big a shock as the US economy (do we still call it that now?) could withstand. In the intervening six years to the 2007 shock so much more activity has been shipped out to lower cost labour markets. The US is now top heavy, with managers managing foreign capacity, but no manufacturing jobs for the masses.

Instead of a slow recovery, perhaps this is the new normal. If it is, who do we congratulate on bring the giant to it’s knees?