Most of the time, it is not easy to tell how good or bad an economy is. Take the U.S. as an example, while the non-farm payroll year-over-year (YoY) growth rate has been on a downtrend (from above 10 percent in April 2021 to below 2 percent recently), the unemployment rate has remained flat and low in the recent seven quarters, yet real GDP YoY growth has been fluctuating although it has rebounded recently. Whenever an economy is not experiencing any bubbling or bursting, the real economic variables tend to move within certain ranges and can perform differently. One standard way to check the consistency among real variables is by…
