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U.S. Economy Shows Surprising Vigor in First Half of 2023

The US economy shows surprising vigor in the first half of 2023, with strong growth, tighter labor markets, and rising consumer spending.

  • Layoffs remain historically low and the U.S. economy grew more briskly than estimated in the first quarter.
  • Recent data shows rising new home sales, orders for long-lasting goods, and consumer confidence.
  • Federal Reserve Chair Jerome Powell attributes the growth to stronger-than-expected growth, tighter labor markets, and higher inflation.
  • Consumer spending grew at a 4.2% annual rate in the first quarter, driven by spending on long-lasting goods.
  • Jobless claims decreased, suggesting a historically tight labor market.
U.S. Economy Shows Surprising Vigor in First Half of 2023
Layoffs remain historically low and the economy grew more briskly than estimated

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