The Federal Reserve’s U.S. Economy in a Snapshot shows increases in consumer spending along with continued positive signals from the housing market.
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Other highlights are as follows:
• After declining in August, real consumer spending showed a strong rebound in September. Motor vehicle sales picked up notably in September and October after declining through much of the year.
• Business equipment spending has been strong this year, with capital spending indicators pointing to solid growth in the near-term.
• Housing indicators still point to continued gradual improvement in this sector. Multi-family starts remained appreciably below their recent peaks, but tight market conditions continued to promote a gradual rise in single-family starts.
• Payroll growth recovered in October from the effects of Hurricanes Harvey and Irma. The unemployment rate, the employment-to-population ratio, and the labor force participation rate all declined. Growth of labor compensation remained subdued.
• Monthly readings on PCE inflation indicated that core inflation continues to run somewhat below the FOMC’s longer-run objective.
• In the past month, U.S. equity indexes continued to rise and are at record highs. The nominal long-term Treasury yield was roughly unchanged and the U.S. dollar rose slightly.
The summary and full report can be accessed here:
https://www.newyorkfed.org/research/snapshot
