I am tired of the folks who are pointing to this chart and saying “new record high!” That has been true since March of 2014 when we took out the high that had been set prior to the last recession. Give it a rest.

The December numbers are good, as they should be. They represent the performance of an economy that received a huge fiscal stimulus early in the year. That stimulus, along with the ebullient mood of the business community, especially the small business community, brought about strong, and broadly based economic growth. That is was what was supposed to happen.

From here on out, we are looking at a different environment. We have tariff issues, and we have other constraints that we will discuss in the regular reports.

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