The national economic state appears to continue in the holding pattern observed over the last few years according to data through September 5th of this year.
The New York Federal Reserve’s monthly U.S. Economy in a Snapshot produced by the Research and Statistics group suggests that the economy continues to show only minor improvements, with the brightest spot remaining consumer spending. Below is a summary of the highlights:
- Personal consumption expenditures posted solid gains in July; auto spending dropped in August.
- Little change in labor market condition; payroll growth slowed in August; the unemployment rate rose slightly; compensation growth remains sluggish.
- Labor market expectations also declined.
- Manufacturing activity was down in July.
- Housing market continues gradual improvement; multi-family growth may have peaked, but indications are single family may continue to strengthen.
- Equipment spending up slightly, but current indicators suggests softening in near-term.
- Mortgage loan underwriting standards remain tight; only 10% of loans to borrowers with credit scores < 650 compared to 25% prior to 2008.
- Growth in inflation shows signs of stabilizing.
- The U.S. dollar declined relative to other global currencies.
- U.S. equities remain unchanged while U.S. bank stocks continue to decline.
- Federal funds rate projected path flattens.
The full report can be accessed here: https://www.newyorkfed.org/medialibrary/media/research/snapshot/snapshot_sept2017.pdf?la=en.
U.S. Economy in a Snapshot, produced by the Research Function of the New York Fed, is designed to provide a tight yet comprehensive overview of current economic and financial developments. This monthly packet presents charts and commentary on a broad range of topics that include labor and financial markets, the behavior of consumers and firms, and the global economy. What’s more, Snapshot aims to cover special topics such as movements in commodity prices, developments in the Second District, or findings from the New York Fed Survey of Consumer Expectations. Contact: research.publications@ny.frb.org.