U.S. Economic Overview

Summary

• Unemployment remains below 4% at 3.7%; non-farm employment was up 2.7% month-to-month, with employment rising by 339,000 in May
• Consumer debt reached a new high in Q1 – passing $17 trillion for the first time ever – and consumers continue to take on more revolving credit; revolving credit debt rose 12.7% over 2022 and total consumer credit increased 6.4%
• Consumer sentiment increased 8% in June, hitting the highest level in four months; the rise is attributable to easing inflation and resolution of the debt crisis – while still at historically low levels, sentiment is 28% above the historic low of June 2022
• Retail sales increased 3.9% over 2022 – MTM sales increased 0.4%; economists generally were expecting flat to slightly decreasing sales vs. April
  • Food services and drinking places increased 8% YOY