#White overlay on watercolor drivers#

Meanwhile, the unemployment rate has, to date, stayed below 4% for 22 straight months, a run not seen in more than 50 years. As a result, total job gains achieved under the Biden administration reached 14.1 million through November 2023. Monthly nonfarm payrolls grew by 232,000 per month on average in 2023, 55,000 more jobs per month than the average pace in 20. Job gains continued at a very strong pace in 2023, although down from the torrid rates seen in 20 immediately following the pandemic recession. Jobs growth cooled towards a steady & stable pace, while the unemployment rate stayed low despite falling inflation. A major factor in this historic manufacturing boom has been the Inflation Reduction Act. Likewise, manufacturing construction contributed the most to year-on-year real GDP growth on record. In 2023 Q3, real (inflation-adjusted) private manufacturing construction investment reached its highest level on record since 1958. Manufacturing investment reached historic highs.

#White overlay on watercolor drivers#

Sound household balance sheets and a strong labor market are the primary drivers of US consumer expenditures, which continue to grow at a pace close to the average among prior expansions. The level of US real GDP in 2023 even exceeded some pre-pandemic forecasts, including that of the Congressional Budget Office and the International Monetary Fund. The latest Blue Chip projection for 2023 growth, incorporating all available data to date, is positive 2.6%, driven by strength in consumer spending, a revival in manufacturing structures investment and increased state and local government purchases. Last December, the private consensus for real economic growth as measured by the Blue Chip Economic Forecast was negative 0.1% for the year. Growth was stronger than expected a year ago.ĭefying pessimistic forecasts, US economic growth has progressed at a significant pace over the course of 2023. Nevertheless, there is more work to do to lower costs for American families and ensure Americans feel the benefit of continued real wage growth, a strong labor market, and declining inflation. At the same time, the data show that the historic public investments that make up the Biden-Harris Administration’s economic agenda in critical sectors for future growth, resiliency, and security are beginning to come to fruition. Taken together, they depict an economy characterized by robust growth driven by strong consumer spending backed by robust and steady job growth, growing real wages, and historic gains for women and Black workers. This blog post highlights ten trends that capture some of the most important economic developments of the past year. Many forecasters predicted a recession at the year’s outset, some even asserting it with a 100% probability.

The US Economy defied expectations in 2023.

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