Happy September! The U.S. economy continues to be strong with the Federal Reserve Bank of Atlanta’s GDPNow™ currently estimating GDP growth of 4.7 percent in the 3rd Quarter. Meanwhile, the jobs report confirmed this strength with net new jobs of 162,000 in August from the U.S. Bureau of Labor Statistics. The focus for the Federal Reserve before its September meeting will be inflation. While the Consumer Price Index has declined substantially from its high of 9.1 percent in June 2022, it still remains at 3.5 percent in July (although core was 2.6 percent, substantially closer to Federal Reserve’s target of 2.0 percent). I hope you have the opportunity to enjoy the last days of summer with family and friends!
All the Best, Jon Gauthier, President, GWM
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