Current Economic Performance

The U.S. economy has shown impressive performance recently, with 2023 marked by over 3% growth, a robust labor market, and a significant decline in inflation, especially during the latter half of the year. This unexpected growth, seen as a major upside surprise, has continued into the current year, with a forecasted growth rate of around 2%. The labor market has started to balance out, reverting to a strong state similar to that of 2019, with low unemployment levels. While inflation showed limited progress in the first quarter, the subsequent quarter yielded better results, contributing to a more optimistic outlook for economic stability.