The Conference Board Middle East and North Africa Briefs

Retail spending in August surprised to the upside suggesting continued resiliency in consumption despite the COVID-19 Delta variant.

Comment on August Jobs Report by Gad Levanon, Head of the Labor Market Institute, The Conference Board. Today’s jobs report reflected the effects of both the COVID-19 Delta variant and the severe labor shortage in the US labor market.

July Personal Income & Outlays data released this morning, show an economy that is still recovering. Amid shifting demand from goods to services spending, personal consumer expenditures growth slowed.

Commentary on July US Bureau of Labor Statistics Employment Situation Report

Comment on June Personal Income & Outlay data and the Q2 2021 Employee Cost Index – Erik Lundh, Principal Economist, The Conference Board & Gad Levanon, Vice President, Labor Markets, The Conference Board

US Real Gross Domestic Product grew by 6.5 percent (annualized) during the second quarter of 2021, below the consensus forecast of 9.1 percent* and The Conference Board’s forecast of 9.0 percent. This quarterly annualized growth rate was up slightly from the 6.3 percent rate seen in Q1 2021, when the economic recovery began to reaccelerate following a difficult winter.

The Fed held interest rates and large-scale asset purchase amounts steady at the July 28th FOMC meeting. However, policymakers left the door open for changing its tack on when tapering, and ultimately rate hikes, might begin given noted improvement in the US economy.

Commentary on June U.S. Bureau of Labor Statistics Employment Situation Report by Frank Steemers, Senior Economist, The Conference Board

May income, spending and inflation data reveal an economy that is shifting back to pre-pandemic patterns as the threat of COVID-19 abates. Following the distribution of government stimulus checks in March US personal income dipped for a second month in May.