I’m inclined to share Jeremy’s confusion:
There are two related problems here. One is with the data, which are ever more contradictory. Some of them point to a flatlining, or even still declining, economy, with badly impaired levels of productivity, but there are also quite a lot of alternative data to suggest something better – most notably in near record levels of private sector job creation. The other problem is with what fiscal and monetary policy are trying to achieve, which seems to grow more confused by the day.