After three chaotic years, there are several reasons to be more cheerful about the world economy. However, it is too soon to declare an end to its problems
, freed from Xi Jinping’s destructive “zero-covid” policy, is poised to rebound. Markets are joyous. The500 index of American stocks has risen by 5% since the start of the year. Share prices in Europe and emerging markets are up by even more.
and new claims for unemployment benefits are at their lowest in three and a half months. Annual wage growth has fallen according to some measures, but remains around 5%; on January 24th Walmart said it would raise starting wages from $12 an hour to $14. Because workers’ productivity is growing by only about 1% a year, fast wage growth portends price rises that far exceed the Fed’s 2% inflation target.
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