Today's employment report has sent the Citi Economic Surprise index sharply higher.
|Citi Economic Surprise Index|
This is building on earlier momentum from stronger than expected US economic indicators such as the ISM PMI results.
|Manufacturing (white) and Non-manufacturing (yellow) ISM PMI|
There is no question that the US economy is not going to experience the type of contraction seen in Europe. But slow growth of 2% and under is the "new normal".