Inflation and rising rates are squeezing consumers

Highlights from the Monthly Review for November 2022:

Real GDP growth in the third quarter wiped out the declines seen in the first half of the year, but there was little momentum from consumers heading into the fourth quarter. However, job gains remained solid in October and wages are still rising in a very tight labor market; factors that should prevent a sharp decline in consumer activity in the near term.

Economic Review

• Labor market continues to support growth (pg 4)

Financial Markets

• Bounce back for markets, but can it last? (pg 5)

The Outlook

• A mixed outlook for the holiday shopping season (pg 6)