Chugging along, and a bit stronger than expected by forecasters:
Not adjusted for anything:
Adjusted for inflation, etc.:
Adjusted for inflation:
Sentiment remains low, but above the lows and has shown some recent improvement inline with consumer spending in general. The rate hikes cause concern out of the belief that they will result in layoffs and rising unemployment, however the reality of still strong employment and income growth sustain actual spending growth:
Home sales have materially weakened since the rate hikes which have made housing more expensive for buyers. However sales of existing homes have minimal direct effects on GDP which measures employment and output, and while consumers are buying and selling fewer houses, their incomes are being spent on other things. And note that housing investment was down 26% last quarter while GDP was up 2.6%, as housing is a smaller % of the economy which grew regardless:
