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Jim O’Sullivan is the Michael Phelps of economics

The U.S. economy has delivered disappointing growth lately, but it’s doing one thing right: lots of jobs are being created, said Jim O’Sullivan, chief U.S. economist for High Frequency Economics and a 15-time winner of MarketWatch’s Forecaster of the Month contest.

The growth numbers have been “pretty mediocre, but the labor market improves,” O’Sullivan said after winning the July forecasting award. “That’s been the story of the expansion.”

The Federal Reserve isn’t pleased with the sluggish growth of gross domestic product, but GDP isn’t a priority for the Fed, like a low unemployment rate and stable inflation are.

O’Sullivan thinks the Fed will feel more pressure to raise rates in coming months as the tightening labor market begins to push wages higher.

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