The first chart describes the “low flying/slow speed” economy
The others are a consequence!
Update: One risk of “slow speed” is that the economy may “stall”. Justin Wolfers blogs :
This morning’s disappointing employment report confirms what an array of economic indicators has been suggesting for some time: The economy is slowing.
The latest readings of this index underscore the fact that, on average, the sum of economic data released so far through 2015 has tended to be worse than expected.
I like to think of this as an index that tells economists how much they need to change their minds, and in what direction. And it says that it is time to revisit earlier optimism, and to warn about the possibility that the recovery may be at risk of stalling.
Update 2: The lagging indicator nature of the labor market is consistent with this quote:
“The recovery’s not as robust as was assumed,” said Megan Greene, chief economist at John Hancock Asset Management. “The jobs data is finally catching up to the rest of the indicators.”