Il y a eu deux raisons de se réjouir aux USA cette semaine: la célébration du 4 juillet et le début du 121e mois d’expansion économique, la plus longue de l’histoire américaine.
This week saw two reasons to celebrate in the US. First, it’s 4th of July week and, second, we have started the 121th month of economic expansion, the longest in US history. The former is obviously a festive event, but turning to the economy, is there still reason to celebrate? The answer depends on the perspective. Looking back and where we have arrived, Americans can uncork a bottle: the US is in a sweet spot. However, upon closer inspection, signs of weakness are accumulating. To a large degree, they come from abroad: global growth is slowing and the cost of the confrontations on trade becomes increasingly visible.