Q1 GDP growth is expected to be negative, per the Atlanta Fed “GDPNow.” Spending data is still generally positive through January, however, consumer confidence eroded sharply in February. In recent weeks, numerous economic indicators have shown decelerating spending and declining consumer confidence, with the GDPNow readout at negative 2.4 percent. As of 6 March, the Atlanta Fed’s GDPNow model is projecting Q1-25 US GDP to decline by 2.4 percent. Job growth in February was 151,000 new jobs, with the February unemployment rate nudging up to 4.1 percent from 4.0 percent. Wage rates were up 4.7 percent versus a year ago and continued to moderate. The February CPI was up 3 percent versus a year ago, with the PPI up 2.9 percen...

TAGS – North America, Macroeconomics