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Economic Preview: Why corporations are hiring even though U.S. growth stinks

Bloomberg

Americans are spending at the fastest rate in years and that is keeping the economy moving.

The official gauge of how fast the U.S. is growing has suffered a power outage of sorts but the economy is still generating lots of new jobs.

What the heck is going on?

It isn’t hard to explain. When more people are working and they have cash in their pockets, they’re confident enough to spend. That drives up sales and encourages companies to hire more workers.

Read: Consumer-credit growth sputters in June

That is exactly what’ s going on. Consumer spending surged 4.2% in the second quarter, for instance, to match the second-fastest rate of a recovery that began in mid-2009.

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