This isn’t a great article, just a decent one to start the semester.
There are lots of signs that the economy is growing again, and fairly strongly at that.
There are lots of worries about some data that still looks bad – wealth, debt, foreclosures, and so on.
The article does discuss the theory of what is going on, but it is one of the purest Keynesian viewpoints I’ve seen in ages.
It does not do a great job of explaining the employment and unemployment situation. it discusses the number by which jobs are expected to increase, and the amount that they decreased, and emphasizes that these don’t match up positively. No mention is made of the fact that this is normal after recessions: firing is a lot easier than hiring.
From “Divergent Views of Signs of Life In the Economy” in the January 5 issue of The New York Times.