US Economy Snapshot: August 2023

U.S. Economy in a Snapshot

U.S. Economy in a Snapshot is a monthly presentation designed to give you a quick and accessible look at developments in the economy.
Overview of the August 2023 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.

Download the August 2023 Snapshot 

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 SnapshotLiberty Street Economics, June 2015.


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About the Author

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Giselle Lampe

Giselle Lampe Napa Valley REALTOR® has worked both in Canada and the United States. Her professional background includes: Certified Interior Designer, Project Construction Manager, REALTOR®, Winery Manager and Marketing Director. This unique combination of experience has provided her with insightful knowledge and skills including the value of being a listener. Her attention and focus is on her clients; to listen to all the details and understand the housing market in a way that gives her clients an exceptional advantage.

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