Investment Perspectives: Americas Overview
As 2023 began, we were keenly interested in a number of macroeconomic indicators, including U.S. employment trends, discretionary spending, real estate transaction volume, and lending activity.
As the end of the year approaches, using only the most recent data for the first two indicators puts the U.S. economy in good health. Unemployment dropped from 4.2% in Q4 2021 to 3.6% one year later – as of October it stands at 3.9%1 – about where it was pre-pandemic when the economy was booming. Consumption in 2023 far outpaced many forecasts, increasing 2.4%2 through October. So, the U.S. consumer hasn’t been having many concerns with employment or spending, and the economy itself has arguably been among the strongest performers in the developed world.
1 Bureau of Labor Statistics, The Employment Situation – October 2023, November 3, 2023
2 Council of Economic Advisors, As the U.S. Consumer Goes, So Goes the U.S. Economy, October 20, 2023
