The Federal Reserve Bank of New York recently published its monthly report titled ‘U.S. Economy in a Snapshot’, with the key quotes, via its official website, found below:
- While real consumer spending rose at a modest pace in May, data still suggest a notable pickup in consumption growth in Q2 compared to Q1.
- Auto sales have continued to slow this year from the strong pace of 2016.
- Capital spending indicators suggest rather sluggish growth for business equipment spending in Q2, with signals of only modest near-term momentum.
- Housing activity data indicate that the gradual recovery in this sector is being maintained, while surveys generally signal a solid pickup in manufacturing activity.
- Payroll growth was solid in June. The unemployment rate, the employment-to-population ratio and the labor force participation rate all increased slightly. Growth in labor compensation measures remains subdued.
- Recent monthly readings on PCE inflation remain soft, suggesting a pause in the progress toward the FOMC’s longer-run objective.
- U.S. equity indexes were little changed overall, while the nominal yield on the 10-year Treasury note has moved up since late June. The trade-weighted index for the U.S. dollar and the price of oil have been relatively stable.