📈 𝐌𝐢𝐝-𝐘𝐞𝐚𝐫 𝐄𝐜𝐨𝐧𝐨𝐦𝐢𝐜 𝐔𝐩𝐝𝐚𝐭𝐞 📊
As we pass the midpoint of 2024, the U.S. economy has shown resilience despite some challenges.
𝐇𝐞𝐫𝐞 𝐚𝐫𝐞 𝐭𝐡𝐞 𝐤𝐞𝐲 𝐡𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:
𝐈𝐧𝐟𝐥𝐚𝐭𝐢𝐨𝐧: Persistently elevated, with the Personal Consumption Expenditures Price Index rising at a 3.3% annual rate.
𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭 𝐑𝐚𝐭𝐞𝐬: Only one or two rate cuts expected this year, down from the previously anticipated three.
𝐔𝐧𝐞𝐦𝐩𝐥𝐨𝐲𝐦𝐞𝐧𝐭: Increased slightly to 4% in May, with job growth averaging 249,000 in the first half of the year.
𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐌𝐚𝐫𝐤𝐞𝐭𝐬: The S&P 500 is up 15.2%, and the 10-year U.S. Treasury yield has risen to 4.48%.
Despite inflationary pressures and a slower rate cut outlook, the job market remains strong, and financial markets are thriving. The overall balance remains favorable for both workers and investors.
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