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By New_Deal_democrat December 16, 2013 9:54 am
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Three of 4 US coincident indicators now exceed pre-Great Recession peaks
The US economy, ex-employment, has now completely recovered from the 2008-09 "Great Recession."
 
Industrial production, probably the pre-eminent indicator used by the NBER to mark recessions, in November for the first time exceeded its pre-recession peak, by increasing a huge 1.1%.
 
Here's the graph, normed to 100 at the 2007 peak:
 
 
Two other coincident indicators of recession, real retail sales and real personal income, already exceeded the 2007 peak.  If employment increases as it has recently, then sometime in the early part of next year it too will exceed its 2007 peak.
 
The economy feels stagnant to the average American because wages are still stagnant at their 2007 levels, and on a per capita basis, i.e., adjusting for the subsequent population increase, all of the measures are still below their previous peaks.
 
To reiterate something I said recently, the US economy is doing pretty well, most of the people in it, not so much.
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