The Economy in Focus

Second Quarter 2019

Executive Summary

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.

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