Burton G. Malkiel, The Wall Street Journal The economic news has certainly improved in recent weeks. Nonfarm payrolls have increased by almost...
Burton G. Malkiel, The Wall Street Journal The economic news has certainly improved in recent weeks. Nonfarm payrolls have increased by almost 250,000 workers per month over the past quarter—the best three-month run (except for when temporary census workers were hired) since 2006. New unemployment claims remain moderate. Consumer spending and business fixed investment have advanced. Stock prices are up. And the Federal Reserve announced last week that the majority of the largest United States banks continue to have adequate capital even in an extremely adverse hypothetical economic scenario. In short, the chances of a self-sustaining recovery have improved—a "virtuous cycle" where increased employment leads to better consumer sentiment, stronger sales, and continued increases in employment. But let's not uncork the champagne quite yet. Read More
