Ankura Monthly Economic Indicators Overview [March 2024]

In February, the U.S. economy showed mixed performance. Consumer sentiment remained stable, with little change since January. Personal disposable income rose by 4.5%, and consumer expenditures increased by 4.5% year-over-year. However, total consumer debt reached a record high of $17.5 trillion, prompting consumers to dip into savings to pay off debt.

Retail sales saw a 2.2% year-over-year increase, with notable growth in food and dining but declines in various hard goods segments. The Consumer Price Index rose by 3.2% year-over-year, while core inflation (excluding food and energy) increased by 3.8%. Unemployment remained below 4%, at 3.9%, with non-farm employment rising by 1.8% month-to-month. Housing indicators were mixed, with new home sales increasing but housing starts declining, and a drop in the median U.S. new home price by nearly 3%.