The U.S. economy has evolved significantly in the first half of 2024, showing signs of a stalled housing sector, cautious consumer spending, and a cooling labor market as the second half begins. Click here for article.
Job Market Focus: Key labor data will be released this week, with expectations for a decline in job openings and a modest increase in private payrolls, culminating in Friday’s employment report predicting a slowdown in job creation.
Labor Market Cooling: Signs of softening labor conditions include a decline in job openings, a rise in temporary employment, and an increase in the unemployment rate from 3.4% to 4.0%.
Inflation and Fed Policy: The Federal Reserve's focus on inflation, which has cooled slightly but remains above target, suggests no immediate rate cuts, possibly delaying any action to December or beyond.
Consumer Caution and Economic Outlook: Consumers are becoming more cautious, influenced by inflation, labor market conditions, and the upcoming presidential election, which introduces uncertainty into the economic outlook for the latter part of the year.
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