US Economy Snapshot: August 2023
U.S. Economy in a Snapshot
- Q2 GDP growth was solid. Consumer spending on services, state and local government spending, and fixed investment were substantial contributors to growth. Residential investment spending and net exports were modest drags on growth.
- Consumer spending in June rose over the month, with a jump in purchases of durable goods. Real disposable income increased at a moderate pace. Home prices have been stable since peaking mid-2022.
- Payroll growth slowed modestly in July while the unemployment rate fell slightly. The employment-population ratio has been stable since the beginning of the year. The rate of increase in hourly earnings, measured over the year, was unchanged for the fourth month in a row.
- Core CPI inflation over the year fell in July, with a large decline in core goods and a smaller decline in core services. Rent inflation continued to ease, but was still high. New motor vehicle prices have been stable since January and used motor vehicle prices have been unchanged for three months.
We post accompanying data for the charts, if permitted, with the intent to expand the series to the fullest extent possible.
Read more about the launch of the series: Just Released: U.S. Economy in a Snapshot, Liberty Street Economics, June 2015.