On continued recovery in the US

More and more the economic data coming out of the US seems to support continued recovery. The housing data certainly does. Consumer credit is increasing. And the Fed Flow of Funds data shows household balance sheets significantly repaired. Moreover, jobless claims continue to trend down. The missing link now is wage growth, which could well be on the horizon.

First, we have received pretty good confirmation that the US is unlikely to have a shutdown in the news that the House of Representatives passed a Republican-sponsored bill to avoid it. Now, the politics of austerity in the US revolves around the sequester and entitlement spending, with the President offering up cuts to entitlements in return for Republican movement on tax and spending issues. The Republicans are not likely to yiel...

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