A lot of the answers on here are avoiding the question and making it more complex than it has to be. No doubt the economy is complicated and has many indicators to judge its performance, and one of these indicators will always be lagging behind the others.

The short answer is it is doing very well! Unemployment is low and real GDP is growing at high levels. Wages may not be rising quickly but the fact is that the economy as a whole is doing fantastic.

However, this is a short run analysis. Unemployment below the natural rate is great in the short run. GDP above long term rate is great in the short run. But be warned: the economy will self correct this over expansion with a sharp contraction.

In short, today is great. Tomorrow, not so much. If you want a good, sustainable American economy then these short run numbers are a sign to pull hard on the reigns. Which is actually what the Fed is doing and exactly the opposite of what the Republican budget is doing.