The Congressional Joint Economic Committee released a summary report on current economic conditions.
“The economic expansion continues to be vibrant, but growth in employment and gross domestic product (GDP) moderated this summer. Much of the moderation in GDP growth was from slower consumer spending after rapid spending earlier this year. The recent economic soft patch is attributed by the Federal Reserve (Fed) ‘importantly to the substantial rise in energy prices.’ Many, including the Fed, believe that the economy is poised to resume sustained robust growth in jobs and output. Consistent with that belief, recent indicators show rising consumer confidence, vigorous activity in manufacturing and service industries, still-vibrant housing markets, strong business investment, and continued low inflation.”
Read the full report here.
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