2023 3rd Quarter Economic Update
Economic Growth (GDP): The U.S. economy continues to defy restrictive monetary policy. Real GDP growth surged to 4.9% (quarter over quarter) in the third quarter 2023. Personal consumption (which grew 4%) is a signal that the uptrend in GDP growth will continue.
Macro View of Economic Environment
2023 has witnessed a dizzying array of consensus macroeconomic views, from no landing to soft landing to a financial banking crisis and back again. The fundamental backdrop we see for the economy is that inflation, while making some progress, continues to run well above target and the labor market remains overheated.
Economic Update - Fall 2020
businesses should be seeing – or soon will be experiencing – some recovery in their operations. Having said that, we do not anticipate a “full” recovery until mid-2021. There are numerous risks that could derail the recovery. Most notably, of course, a second wave of COVID-19 that causes governors and other governments to shut down their economies again.