As most of you know, we are the state affiliate for the U.S. Chamber of Commerce, National Retail Federation (NRF), and National Association of Manufacturers (NAM). The manufacturers provided some key economic data and it’s worth sharing. Private-sector job growth continues to slow, with August marking the smallest monthly increase since 2021, according to ADP. Despite tepid gains, unemployment dropped one-tenth of a percentage to 4.2%. Wage growth has moderated, with a slower pace of increases for both job stayers and job changers. Finally, economic activity is flat or slightly declining across most regions, with only modest growth in selected areas.
Thus, we’re likely to get a modest interest rate cut from the Fed, but the days of super cheap money is probably a thing of the past.
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