Indicators released over the past two months suggest a modest upturn in U.S. economic activity in the second quarter. Job growth has slowed but remains at a rate consistent with further declines in unemployment. Wage inflation has accelerated recently, and increasing tightness in the labor market signals more increases to come. Trimmed mean inflation looks to remain fairly steady over the coming four quarters.
Output Growth Strengthens Slightly, but Trend Slows
Initial data from the Bureau of Economic Analysis (BEA) showed that the economy shook off some of the weakness observed in the first quarter...
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Armen is a research analyst in the Research Department at the Federal Reserve Bank of Dallas.