Consumers continue to spend in mid-2024, pushing the U.S. economy forward," wrote PNC chief economist Gus Faucher in a note. "Household incomes are rising, showing resilience amid various economic pressures.
The July jobs report was surprisingly soft, but the new data points to an economy where core activity drivers remained robust this summer. These numbers point to both sides of that equation being on quite solid footing through July.
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