Globalisation has undoubtedly played some role in the loss of five million US manufacturing jobs over the past 15 years. But the evidence suggests that rapid productivity growth driven by automation...

Despite the Fed raising interest rates twice in the past four months, broad financial conditions in the US have actually loosened. The current calm in financial markets, if sustained, would be another...

The recent weakness of new motor vehicle sales has been causing a bit of alarm, but there are good reasons to think that fears of a sudden collapse in demand will prove to be overblown. In any case...

The strength of most sentiment and activity surveys, despite the apparent weakness of first-quarter GDP growth, has led to a number of claims that we should put our trust in the so-called ‘hard’ data...