How can we explain the strength and resilience of the US economy?

Virginie, president of Constance Associés, analyzes the U.S. economic situation and highlights a resilient economy, despite an uncertain global environment. The United States is showing generally solid indicators: a dynamic job market, robust consumer spending, and stabilizing inflation. However, she urges a nuanced interpretation, particularly regarding the labor market—where rising employment may mask certain vulnerabilities—and the trade deficit, whose improvement may reflect a slight slowdown in demand. This resilience stems from both cyclical and structural factors. Unlike Europe, the United States has been less impacted by the energy crisis. Above all, it benefits from an economic model based on flexibility, innovation, and exceptional investment capacity. Major technology companies, with massive R&D budgets, exemplify this dynamic, creating a virtuous cycle where today’s innovation fuels tomorrow’s growth.Beyond the tech giants, innovation permeates the entire economy. Technology is becoming a cross-cutting driver of productivity improvement and value creation across all sectors. The highest-performing companies are those with sustainable competitive advantages that know how to leverage these transformations to gain market share.In this context, private equity emerges as a natural extension of this dynamic of innovation and growth. Historically rooted in the United States, it is gradually gaining a foothold in European investors’ asset allocations. Its democratization allows a broader audience to access these drivers of performance by directly financing innovative companies and participating in long-term value creation.