www.newyorkfed.org/medialibrary/media/research/snapshot/Snapshot_July2023.pdf
Overview of the July 2023 Snapshot
- GDP growth slowed: Q1 GDP was about .5% below what it would been if since Q42019, it grew at a rate close to long-term forecasts.
- Consumer real spending on services up 2.6%—still greater then 2%…
- Average hourly earnings up 4.4% in June. The employment-to-population ratio for prime-aged workers was above its pre-pandemic level.
- Inflation: food-at-home index 25% above its 2019 average
TLDRS:
- GDP growth slowed: Q1 GDP was about .5% below what it would been if since Q42019, it grew at a rate close to long-term forecasts.
- Consumer real spending on services up 2.6%—still greater then 2%…
- Average hourly earnings up 4.4% in June. The employment-to-population ratio for prime-aged workers was above its pre-pandemic level.
- Inflation: food-at-home index 25% above its 2019 average
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