Morgan Stanley’s Mike Wilson was a lonely voice on Wall Street calling a “rolling recession” when others saw a boom. Now he sees a “rolling recovery.”

Microsoft, Alphabet, Meta, and Amazon are investing tens of billions in data centers. AI infrastructure is now a key driver of US economic growth.

This isn’t your parents’ economy. Over the last 35 years, the American workplace — and workforce — have undergone an amazing shift. In 1990 (not that long ago – ask anyone over 50), manufacturing was the largest employment sector in 35 states.

For those on the upper arm, things are going well. The top 10% of U.S. households now account for nearly half of all consumer spending, buoyed by record stock market highs. Hourly pay is now rising fastest for the highest earners, reversing a pandemic-era trend that favored the lowest-paid workers, according to the Federal Reserve Bank of Atlanta.

U.S. economists may be barely holding on by their fingernails over the current state of the American economy, but strangely, consumers don’t seem to care. Here’s why.

Tesla CEO Elon Musk revisited Joe Rogan's podcast last Friday, making a seemingly frightening prediction about the purported fate of the American economy, according to a Forbes blogger. According to the article,

America’s economy and stock market keep growing, buoyed by robust consumer spending and AI mega-growth. But hiring is at a standstill, inflation is rising, loan defaults are abundant and Americans give this economy a near-record-low rating.

There’s no official read on how fast the US economy grew last quarter, thanks to the government shutdown. But almost everyone reckons it was a healthy pace — and that’s largely thanks to AI.

About half of Americans view the large U.S. trade deficit with other countries as an economic emergency, according to a poll released on Tuesday, a day before the Supreme Court is due to consider the legality of sweeping tariffs imposed by President Donald Trump under a law meant for emergencies.

A recent Washington Post-ABC News-Ipsos poll found 59% of respondents viewed Trump’s job performance negatively, but on the key issue of the economy that number rose to 62%. It increased to 63% on how the president is managing the federal government.

On this week’s Everybody’s Business, the author explains three economic indicators she says might tell us where things are heading.