The labor market is softening, housing is stalled out and economic growth is slowing.
For many, the passing of Memorial Day signals the start of summer as people slow down, don casual work clothes, prepare for vacations and the slower pace of the season.
And so it is with the economy, as the labor market weakens ever so slightly, growth softens and markets consolidate their gains. Just how much the economy swoons into summer will start to become evident this week as key readings come in on the housing sector, consumer confidence, first-quarter gross domestic product and inflation.
“Real GDP growth in the first quarter of 2024 will likely be revised lower in the second estimate’s release, reflecting downward revisions to consumer spending,” Comerica Bank economists Bill Adams and Waran Bhahirethan wrote on Tuesday morning. “With the revisions, real GDP growth in the first quarter is expected to be less than half the 3.8% annualized pace of the second half of 2023.”
R&I ~ MJM
RandyMarsh
Article URL : https://www.usnews.com/news/economy/articles/2024-05-28/summer-slowdown-could-be-in-the-cards-for-the-economy