Even a partial deal or warmer relations with China probably won’t be enough to reignite U.S. and global economic growth, at least not anytime soon.
Interest rates have fallen and fueled a rebound in auto and home sales. The unemployment rate has skidded to a 50-year low of 3.5%. A key measure of how Americans fell about their own financial health rose to a three-month high. And to cap it off, news of at least a tentative trade deal between U.S. and China announced Friday have pushed stock markets close to record highs again.
The evidence suggests that Americans are still fairly optimistic even though the economy is not as strong now as it was in the spring. Consumer sentiment, for example, rebounded in early October, reflecting an expectation that the strong labor market will continue to boost their incomes.What could be a big help is the first step in broader trade deal between the U.S. and China.
The spat has also dampened U.S. business investment — another key driver of economic growth — and kept a lid on the stock market. The recent rally has been fueled largely by hopes of a deal.
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