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Economic Commentary

We break down timely topics, centered on the major economic events around the world and their impacts to financial markets, in order to help you simplify client conversations around important investing decisions.

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Economic Commentary

GDP details show waning momentum for 2023: Weekly Economic Review & Outlook

Headline real GDP growth remained solid in the fourth quarter underpinning a rebound in the second half of 2022 that more than recovered the decline recorded in the first half of the year. Unfortunately, the underlying details of the GDP report were less impressive, showing that consumer and business spending was slowing heading into the new year. In positive news, the PCE price data for December were encouraging, but inflation remains far above the Fed's 2 percent target. 

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Economic Commentary

Consumer activity slows to close 2022: Weekly Economic Review & Outlook

The large declines in retail sales in December and November signals that consumer spending lost a lot of steam despite some cooling in inflation as we ended 2022. We see further downside in 2023 as we expect the labor market will start to weaken significantly, which will depress personal income growth. On the housing front, existing home sales fell for an eleventh straight month as prospective homebuyers continue to contend with low inventory and high mortgage rates.