by Jeffrey P. Snider
Alhambra Partners
When commenting on any weakness in the US economy, it has become common even shorthand for any outlet or author to affix the conventional explanation. Suspiciously low growth rates and far too many outright contractions, especially in manufacturing and industry, are blamed on overseas weakness and the dollar as if absent that foreign interference all would be sailing along right into Janet Yellen’s predictions. This is perplexing to businesses outside the US because when they survey their own economic state they see responsibility squarely upon US consumers. This has been the case for some time now, as even in 2014 when the FOMC was most assured in its declarations of burgeoning US strength, the global economy was wondering what Janet Yellen was talking about. It just didn’t compute with actual levels of trade growth and now collapse.