MONTHLY - Economic Review - Jack Kleinhenz, Ph.D., CBE

The expansion in economic activity persisted in the second quarter even though the final reading from the Bureau of Economic Analysis showed that gross domestic product rose 2.1% rather than the 2.4% originally reported and just below the 2.2% gain in the first quarter. [...] With the Fed eager to see job growth weaken without causing the unemployment rate to take off, a number of indicators suggest that the tight labor market is cooling but in the right way. [...] NRF Monthly Economic Review | October 2023 | NRF.com D ATA T E L L S T H E S TO RY | October’s Monthly Economic Review S A L E S A N D S E N T I M E N T R E A L G D P & U N E M P L O Y M E N T The pace of retail sales stayed closely within the range GDP grew at an annual rate of 2.1% in the second of the three-month moving average of 3% in August. [...] Incoming data suggests that the third quarter Consumer sentiment has continued to show weakness was on par and that 2023 could still have a “soft in the last couple of months. [...] The pace of consumer spending average gain for the past three months moderated tracked the growth in income.