Special to GroundBreak Carolinas: Dr. Bruce Yandle, Alumni Distinguished Professor of Economics Emeritus, Clemson University, shares economic insight for construction leaders in the Carolinas.
Getting Started: The Current Picture
With 2023 at the halfway mark, we find a national economy registering a low pulse-beat and an improved outllook on the inflation front. First quarter real GDP growth came in at a weak 1.4%,[i] and the Federal Reserve’s preferred inflation metric for May, the Personal Consumption Expenditure Index, hit 2.6% growth for the second month hand-running. This was the lowest annual inflation rate since 2021. The weak south-bound GDP growth seen in the nearby chart is well below the long-term 2.0% average registered over many decades.[ii] The declining GDP growth rate and the lower inflation, reflect the Fed’s effort to bring down inflation by way of…
