Ankura Monthly Economic Indicators Overview [July 2023]

Summary

Summary Highlights

• Unemployment remains below 4% at 3.6%; non-farm employment was up 2.8% month-to-month, with employment rising by 209,000 jobs in June
• Personal disposable income rose 8.0% in May 2023; consumer expenditures increased 6% YOY and were flat compared to previous month
• Revolving credit debt continues to rise – up 12.9% over 2022, with total consumer credit increasing 6.2%
• Consumer Sentiment rose again, with gains for all demographic groups except lower-income consumers; the overall increase was attributed to the continued slowdown in inflation along with stability in labor markets
• June retail sales (excl. motor vehicles and gas stations) increased 3.9% over 2022 – MTM sales increased just 0.3%