June 28, 2019
George Mokrzan, PH.D., Director of Economics
- The economy continues to grow overall, but slower than last year and varied by sector.
- Led by solid consumer spending, the U.S. economy is expected to continue moderate economic growth.
- Sound overall consumer finances, a strong labor market with unemployment at a 5-decade low of 3.6% and continued personal income growth should keep consumer spending and the overall economy on an upward track.
- A slow world economy and international trade policy uncertainty are expected to cool overall capital spending, exports and manufacturing growth in the near term.
- Productivity growth is accelerating, containing unit labor costs in tight labor markets.
- The regional economy continues to exhibit sustained strength above the historical norm.