Jun 15, 2018 - World

The big picture: America’s economy outpaces its global competitors

Michael Sykes

U.S. Stock market chart. Photo: Bryan R. Smith/AFP via Getty Images

The U.S. economy is leaving the rest of the world behind: While U.S. economic growth is ramping up, Europe's and other major economies are slowing down, the Wall Street Journal reports.

The big picture: Though the United States' economic growth has been modest in its progression, the country's counterparts across the globe have seen their economies lose steam, which could end a rare period in which the world' largest economies have been growing simultaneously.

By the numbers:

The U.S. economy grew over the winter at an 2.2% annual rate in January through March, but it's on track to exceed 4% by June.
U.S. retail spending increased 0.8% in May — the biggest jump in six months.
There are more job openings than unemployed people in the country for the first time in its history.

The details: Europe's economy is cooling down, with the value of the Euro dropping after it lost 1.88% against the U.S. dollar on Thursday.

Business activity has also slowed in China, which means an economic slowdown could be on the horizon after initial growth at its rapid pace.

What's next: With a strengthening economy and a steadily low unemployment rate, the U.S. Federal Reserve is raising the benchmark for interest rates by a quarter of a percentage point, and could continue to increase rates as the economy strengthens.

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The big picture: America’s economy outpaces its global competitors

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