While conditions eased further, more or less in correspondence of the event in July 2012, that further shift in the range of financial condition indices is marginal if contrasted with its upward trend that had occurred before. How can this be explained?
Nor do I wish to deny that there is still a backlog of remedial work to be done - our unemployment rate being an obvious example. But, on the other hand, we must be doing something right. Our expansion so far in the 1990s has outlasted its predecessors in the 1970s and 1980s, and it is still going strong.