Working Through an Unstable Economy

​Is the U.S. in a recession?

The question is difficult to answer given the myriad indicators that make up the nation's economic outlook. In the second quarter of 2023, the gross domestic product grew by 2.4 percent—exceeding analysts' expectations and continuing the previous three quarters' rebound following a six-month slump over the first two quarters of last year.

Other signs of the economy also remain strong, including low unemployment and rising wages. Job openings and the number of workers quitting have remained elevated for months, while layoffs and discharges remain relatively low.

Inflation is another key aspect, which has caused disruptions across the economy as the cost of goods has outpaced average weekly earnings. In July 2023, average weekly earnings increased by more than inflation for the second consecutive month, after having trailed inflation for more than two years.

All of these factors also vary by state, as the effects of the Great Resignation continue to develop.


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