Econ Roundup

   Here's a quick roundup of a few numbers showing the state of the economy in America. Whether these will satisfy those who believe the nation is drowning remains an open question.
   Total output of goods and services expanded by 2.9 percent in the third quarter, pay to workers rose by 2.3 percent in September compared to a year ago, new home sales jumped 29.8 percent from a year ago, the home ownership rate nationwide is stable at 63.5 percent, and the rental vacancy rate was 6.8 percent in the third quarter, down from 7.3 percent a year ago.
   So for seven years running, the economy has been improving. Some 15 million more people are working compared to 2009, the unemployment rate is steady at about 5 percent, fewer people are applying for unemployment relief, and disposable personal income is up.
   Total output, as measured by Gross Domestic Product (GDP), with its jump of 2.9 percent, was a strong acceleration from the 1.4 percent posted in the second quarter, and 0.8 percent in the first three months of the year.
   These are all good signs, and political candidates will make much of them as Election Day nears. But there is also a danger that the Federal Reserve will get edgy and decide to tap the economic brakes to avoid a too-rapid expansion with its concurrent high inflation.
   The Fed does this by manipulating the nation's money supply and thus interest rates. When plenty of money is available, theoretically people buy more stuff, interest rates go down and companies invest in more production. The downside is that prices rise to absorb the amount of money available.
   America's current expansion is now a seven-year party, and many feel they still haven't gotten to the punch bowl. That leaves economic monitors and government agencies with the question of whether to refill the punch bowl or take it away.
   Meanwhile, other major nations have enjoyed prosperity growth lasting nearly 20 years, according to an analysis in today's New York Times. And this raises an even bigger question: Why can't America do the same?