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Global economy supplement: the US—lift-off in 2015

Policymakers face a critical decision on interest rates

By David Hale  

The US economy is showing signs that its growth rate is accelerating from a little over 2 per cent during the past five years to 3-3.5 per cent. There have been large employment gains during the past few months. There was a large increase in new home sales during August. The state and local government sector is boosting output after a long period of contraction. The US economy has several growth locomotives. The business capital stock is now the oldest since 1958. If firms are to bolster productivity, they will have to increase investment.

The average age of a US…

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