Until recently it has been fashionable to denigrate the U.S. economic recovery: “America is the best house in a bad neighborhood,” sniffed many analysts. No longer. America is now a very good house in a terrible neighborhood.
“Domestic factories buck global slowdown,” headlines the Wall Street Journal’s report of the increase in new orders and production in the U.S., and the weakening of manufacturing activity in Europe, much of Latin America, and most of Asia, including China.
· Vehicle sales in the U.S., up 9.2 percent in June, are at their highest level since 2007, while new-car registrations in France, Italy, and Spain fell in June by 11, 10, and almost 5 percent, respectively.
· Spring art auctions in London paled by comparison with those in New York. The New York Times reports that Christie’s one-evening sale of contemporary and post-war art in New York fell only a bit short of topping the total of all five auctions in London.
· U.S. investment banks, after years of ceding market share to European rivals, are increasing their share of the global investment banking pool, often expanding in markets from which European rivals are withdrawing.
· IMD, the international business school, reports that America is once again the world’s most competitive economy because of the strong cash position of our companies and its record of innovation, among other things. Professor Stephane Garelli, director of IMD’s World Competitiveness Centre, told Forbes interviewers, “Over the last fifteen years, most of the big innovations that have changed our lives … were born in the US.”