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U.S. Economy in a Snapshot is a monthly presentation designed to give you a quick and accessible look at developments in the economy.
Overview of the May 2021 Snapshot
March data were quite strong, most notably for consumer spending. Job growth slowed considerably in April.
Output in Q1 rose to near its year-ago level.
Consumption was the biggest contributor to growth, while exports and investment spending on structures underperformed.
Personal income was up substantially in Q1 due to large government transfer payments.
Saving as a percent of personal income reached 21%.
Housing activity remained robust, with housing starts and home sales well above pre-pandemic levels.
Payroll employment growth slowed significantly in April and the unemployment rate ticked up.
Core PCE inflation over the year rose to 1.8% in March.
The 10-year Treasury yield declined from April 1 to May 7, leaving it up around 75 basis points since the beginning of the year. Stock indices reached all-time highs and the dollar depreciated against the euro and the yen. The market-implied federal funds rate path shifted down modestly.
U.S. Economy in a Snapshot, produced by the Research Group of the New York Fed, is designed to provide a tight yet comprehensive overview of current economic and financial developments. This monthly packet presents charts and commentary on a broad range of topics that include labor and financial markets, the behavior of consumers and firms, and the global economy. What’s more, Snapshot aims to cover special topics such as movements in commodity prices, developments in the Second District, or findings from the New York Fed Survey of Consumer Expectations.