U.S. Economy in a Snapshot Overview of the July 2023 Snapshot: Q1 GDP Growth Slows but Remains Solid, Driven by Consumption, Government Spending, and Net Exports; June Sees Solid Payroll Growth and Slight Drop in Unemployment; Food-at-Home Index 25% Above its 2019 Average.

July 16, 2023 6:13 pmJuly 14, 2023 3:53 pm by CWR

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by Dismal-Jellyfish

https://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

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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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