U.S. Economic Overview

Highlights – What You Need To Know

U.S. CONSUMERS: Consumer confidence rose significantly in December's University of Michigan Survey of Consumers

• Consumer sentiment increased 13% in December, erasing declines from the previous four months, driven chiefly by expectations of improvement in U.S. inflation
  • Long-run inflation expectations fell from 3.2% last month to 2.8% this month, matching the second lowest reading seen since July 2021
• Personal disposable income* 7.8% in October 2023; consumer expenditures, basically flat MTM, increased 6.1% YOY
• Total Consumer Debt
  • Credit card balances remain high and consumer debt continues to grow – revolving credit rose 10.4% vs. 2022