In the January Macro Tides I discussed several reasons why the economy was expected to hold up in the first quarter. “ The Unemployment Rate in November was 3.7% hovering near the lowest level of the last 50 years. Wage growth has slowed but wages were still up 5.2% from November 2022 through November according to the Atlanta Fed Wage Tracker. In November an all time record of 162 million people were working in the US so Income earned reached the highest level ever. The steady increase in spending is funding a steady increase in consumer spending. Monthly job growth in October and...
