Australian growth a developing story

The advanced economies still matter to us … but our biggest partners are now developing economies.

I mentioned in my April 22 piece The slowdown lowdown: No cause for alarm, that the US sequester was unlikely to lead to the jobs destruction that the Congressional Budget Office and other economists thought it would. And last Friday we found out that is indeed the case, so far.

The soft number in March that got everyone worried was revised up, and April jobs were strong. The average over the last three months is 212,000, which is extraordinary growth.

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