Be confident
During WWII, Britain adopted the well-known slogan, ‘Keep Calm and Carry On’, to bolster spirts. In the US, Be Confident, might represent an analogous phrase. Although views of the economy ahead span the range from a soft to a hard landing, many statistics continue to demonstrate strength. For instance, at 3.2%, annual US consumer inflation has fallen by more than half from a year ago, and wage growth remains ahead at 4%. Further, while not as robust as earlier in the recovery, additions to nonfarm payrolls in the US remain consistently healthy. For these reasons, the US Consumer Confidence Index rose in November to 102 from 99.1 in October, according to the Conference Board. Sentiment elsewhere remains subdued, however, with the OECD reporting a continued decline in confidence across other member states.
Source: OECD, December 2023