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Weekly Economic Report 3.29.24

Well, if we had any worries about the underlying strength of the US economy (following a muted rebound from the January dip), the most recent data on personal income, spending, consumer confidence, manufacturing activity and profits have all put that to rest. Bottom line, the people that matter most – the 50,000 CEOs who run companies employing well over half of all Americans – are feeling fine. Profits have outpaced economic growth – strengthening throughout 2023 for the nonfinancial sector. Asset values are rising briskly relative to moderating inflation. It is easier to hire, as immigration has loosened labor markets -- particularly for care giving and hospitality positions. Consumers remain interested in spending, despite higher service prices – and government is still is spreading the wealth via industrial policies.

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