and manufacturing are weakening and the economy might actually have shrunk for the past six months.
Still, there's plenty of uncertainty clouding the economy's outlook. Consumers cut back on their spending, when adjusted for inflation, in May for the first time this year. Home sales have fallen 9% from a year ago. And the Federal Reserve is raising its key interest rate at the, with the goal of cooling consumer and business spending and curbing inflation but heightening the risk that it will eventually cause a recession.
Furman noted that the data on economic growth might be revised in the coming months to show that the economy actually did expand earlier this year, at least slightly. Or, many employers might be playing catch-up on hiring after having struggled to find workers for months and may soon scale back staffing as the economy contracts.
“All of them are issues, but overall, I couldn’t be more excited about where we’re at and where we’re going,” Schall said.
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