NY Fed, U.S. Economy in a Snapshot – April 2023

“GDP growth was solid in Q4. Consumption and inventories were substantial contributors to growth. Residential investment spending was a large drag on growth, while private nonresidential investment spending was flat.”

“Consumer spending in the first two months of Q1 was up substantially over the Q4 average. Real disposable income was also up sharply. Manufacturing activity has stalled after retreating at the end of last year. Housing starts were down sharply over the year.’

“Payroll growth was solid in March and the unemployment rate fell to a very low level. The increase in hourly earnings, measured over the year, continued its modest easing that started in March 2022.”

“Core PCE inflation over the year was little changed in February, as was core CPI inflation in March. High apartment rent inflation showed tentative signs of easing in March and food inflation eased significantly. Gasoline prices were down over the year, while prices for electricity and utility gas were up.”