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Economic Overview – Q2 2023

Written by First Affirmative

Economic Commentary

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By Richard Frankel


  • Current Economic conditions
    • We are not currently in a recession.
    • Consumer confidence is at an extreme low compared to the 50-year average.
  • Economic Outlook 
    • The economy is unlikely to recover fully until after 2026.
  • GDP Projections
    • GDP will be slow to its 2% trend.
    • A recovery to the 2% trend level is extremely unlikely in the next few years, according to consensus reports.
  • Inflation Outlook
    • Inflation is likely to fall to its 2% trend by 2027, according to consensus reports.
  • Employment and Wages
    • More people are holding onto their jobs.
    • Wage growth has slowed.
    • Unemployment is stagnating at a low level.
    • Purchasing power has fallen greatly in many countries.

This is a snapshot view the full Economic Commentary below.

View the Full PDF Here