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Weekly Economic Report 6.7.24

Another stronger than expected employment report (despite a rising unemployment rate). Based on our income proxy (average hourly wage x average hours worked), we estimate second quarter nominal growth at 5.5%, up from 5.3% in Q1 and 5.0% in Q4 by this measure. Throw any inflation rate under 3.5% at it, and you still end up with growth over 2% -- so, no chance for the Fed to ease, and more angst about higher rates. Bottom line for us, nominal growth is rising and wage gains are slowing – that’s good for profits, so more solid growth ahead. Nothing to see here, move along.





































EU06-07-2024
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