The economy has been steadily improving over the last few years, and the last 12 months have been no exception. You can read our latest industry report for evidence.
But it seems like there is persistent fear or misunderstanding about the health of the US economy. I find myself in a lot of conversations where people are expressing frustration with “this economy” or how difficult it is to find jobs in “this economy.” I suppose there are still struggles out there (income disparity, industry changes, etc) but the overall trend for the economy, the stock market, and industrial production is very positive.
Take a look at the Federal Reserve’s figures for industrial production from November 2013 thru November 2014. There have been some dips over the last 12 months but the trend is clearly up.
In fact only 5 of the 60 market and industry groups tracked by the Federal Reserve were down between the Novembers.
Major gainers in the market groups were Automotive Products with a 7.4% change; Appliances, Furniture and Carpeting had a 7.8% gain; and Industrial and other Business Equipment had an 8.3% gain in the twelve months from Nov. ’13 to Nov. ’14. And in the Industry Groups, Motor Vehicles and Parts had a 7.7% gain; plastics and rubber products had an 8.9% gain; and mining saw a jump of 9.3%.
While I’m sure there are pockets or frustration out there and some folks are struggling to retool after the recession, the economy is on the rise, however, and US industrial production is up. Regardless of how some might think otherwise, we are unarguably in the midst of a boom cycle.