Economic activity is increasing – sales, jobs.
Bryan Mena 23, U.S. economy writer for CNN Business, covering the Federal Reserve and macroeconomic data, 5-25-2023, The US economy grew faster in the first quarter than previously reported, https://www.cnn.com/2023/05/25/business/q1-gdp-second-estimate/index.html, KPR
So far, economic activity seems to be holding up. Retail sales rebounded in April following two months of declines, advancing a seasonally adjusted 0.4% from the prior month. Employers added 253,000 jobs in April, a strong gain, and average hourly earnings grew 0.5% that month.
Private-sector business activity expanded at a robust pace in May, mostly thanks to the services sector, according to preliminary survey data released by S&P Global on Tuesday. Service-providing businesses reported stronger demand, an easier time hiring workers and increased optimism for business activity in the year ahead. Meanwhile, the US manufacturing sector fell back into contraction territory in May as manufacturers reported substantially weaker demand.