Economy

“There’s a deep tension in President Trump’s message that the economy is booming, but that we simultaneously need multiple points of rate cuts.”

A separate release out today showed U.S. consumer confidence fell in September to a five-month low on concerns about cooling in the labor market and the broader economy.

Personal spending rose 0.4% last month, while inflation increased 0.2% from July and 2.9% from August 2024.

A memo from the OMB directs agencies to permanently lay off federal workers in programs that do not align with Trump’s priorities if the deadline to pass funding lapses.

Inflation-adjusted GDP, which measures the value of goods and services produced in the United States, increased at a revised 3.8% annualized pace—stronger than the previously reported 3.3% and a reversal of the economic contraction of the first quarter.

The bureau now says its 2024 CE report, originally scheduled for release today, will come out on October 30 instead.