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22 Must-See Charts That Show The Truth About The American Economic Recovery

Matthew Boesler   

22 Must-See Charts That Show The Truth About The American Economic Recovery
Stock Market2 min read

Given the Federal Reserve's focus on U.S. economic data and its implications for policy, it's helpful to understand which parts of the economy are getting stronger and which ones aren't.

Following last week's release of the first look at Q3 U.S. GDP, Barclays economists put together 22 charts breaking down by sector how the recovery has progressed over the past six years relative to other recoveries.

"Despite the pickup in Q3, the recovery in GDP in the current cycle remains sub-par," write the economists in a note clients. "The weakness of consumer spending is the main reason. Consumption growth slowed in Q3 and is likely still suffering from a delayed response to tax hikes at the start of the year. The recovery in income growth and savings since then is an encouraging sign that consumer spending growth will pick up in Q4 and 2014."

Check out the charts below.

1. Real GDP growth is now higher than at this point in the cycle during many other recoveries, though it has mostly lagged over the past several years.

Barclays chart

Barclays

2. Industrial production has been fairly strong.

Barclays chart

Barclays

3. ISM's manufacturing index is finally picking up.

Barclays chart

Barclays

4. Durable goods orders have also fared well.

Barclays chart

Barclays

5. Inventory build-up has lagged throughout this recovery.

Barclays chart

Barclays

6. Productivity growth has also been subpar.

Barclays chart

Barclays

7. Personal consumption growth has been dismal.

Barclays chart

Barclays

8. Personal income growth has been dismal as well.

Barclays chart

Barclays

9. This has been one of the worst recoveries in terms of retail sales.

Barclays chart

Barclays

10. It's also been the best recovery in terms of vehicle sales.

Barclays chart

Barclays

11. Consumer credit growth has been nonexistent.

Barclays chart

Barclays

12. Consumer confidence has taken much longer than usual to recover.

Barclays chart

Barclays

13. Job growth has undoubtedly been disappointing.

Barclays chart

Barclays

14. The trend in initial jobless claims has been better than usual, however.

Barclays chart

Barclays

15. Unemployment has slowly come down, as in other recoveries.

Barclays chart

Barclays

16. Insured unemployment has slowly headed lower as well.

Barclays chart

Barclays

17. The pace of growth in average weekly hours worked by manufacturing employees has been the fastest of any recovery.

Barclays chart

Barclays

18. Manufacturing employment growth has also been robust.

Barclays chart

Barclays

19. Growth in housing starts, however, has not been robust.

Barclays chart

Barclays

20. Existing home sales have lagged but are finally starting to eclipse those in other recoveries.

Barclays chart

Barclays

21. Residential construction growth has been subpar.

Barclays chart

Barclays

22. Nonresidential construction growth has been nonexistent.

Barclays chart

Barclays

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