The Shaping of the US Economy
First, the growth and expansion of Silicon Valley which seems to be fast moving to various cities around America. According to Peter Hirshberg, Group Chairman at Re:Imagine (a technology firm that drives innovation in the public and private sector) “the ethos of Silicon Valley” is spreading nationwide right now. This can be seen in places such as Kentucky, Louisville, Ohio and Youngstown which are becoming “maker cities” for this trend.
Second, the developing strength of the middle classes countrywide. Incomes grew by 3.2 percent in 2016 (following a ten year stretch that was described as the Great Recession due to unemployment and low wages). Plus, there was a jump in household income for the median household in the country to $59,039 during that time (from 2015’s figure of $57,230).
Third, the economy’s strength and weakness can be viewed via the stocks’ sluggish performance. According to a recent statement by equity strategist Steven DeSanctis and his associate Miles Bredenoord, there was a 0.5 percent drop in earnings for stocks with small market capitalizations. In addition, the 10.4 % point gap between small- and large-cap earnings growth was the largest it had been since the fiscal crisis.
These are just some of the areas by which the US economy is being shaped.