Appropros of no particular news, take a gander at retail sales excluding autos. The shape of the line there is generally what you want to see coming out of a recession. Not just a "return to growth" after bottoming out, but "catch-up growth" that gets you back to trend. For a long time now, the American economy as a whole has achieved the return to growth but not the catch-up. Retail sales, however, have caught up. And business investment is very strong. When we say there's slack and underemployment in the economy, what we're looking at specifically is that construction and auto sales remain depressed.
TODAY IN SLATE
More Than Scottish Pride
Scotland’s referendum isn’t about nationalism. It’s about a system that failed, and a new generation looking to take a chance on itself.
What Charles Barkley Gets Wrong About Corporal Punishment and Black Culture
Why Greenland’s “Dark Snow” Should Worry You
Three Talented Actresses in Three Terrible New Shows
Why Do Some People See the Virgin Mary in Grilled Cheese?
The science that explains the human need to find meaning in coincidences.
Happy Constitution Day!
Too bad it’s almost certainly unconstitutional.