The U.S. economy is holding up better than many experts anticipated in the face of record high inflation, and after 11 interest rate hikes. After decelerating in the first quarter, the economy bounced back at the end of the first half of 2023. Meanwhile, an extremely tight labor market has become a defining characteristic of the current environment, according to Ryan Severino, BGO managing director, chief economist & head of U.S. Research.
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