Here’s one for Michael Mandel. Personal consumption, though off the pre-crash trend, is well above the pre-crash level. The same cannot by said for non-residential investment which, though growing, is depressed:
It’s also striking to me that across the developed world, most of the places that are doing best are natural resource exporters with strong extractive industries. That’s Canada, Australia, Norway, Texas, North Dakota, etc. The way national accounts data works, if a firm spends money on equipment to extract natural gas, that constitutes investment. But there’s a difference in kind between “investing” in depleting your stock of natural gas and investing in increasing your ability to produce new goods or services.