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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 September 2021 Snapshot
Data over the month showed slower employment growth and some easing of inflation pressures.
Output in Q2 moved above its pre-pandemic level.
Growth was driven by consumption, with inventories, federal government spending, and net exports all drags on growth.
Personal income increased in July, helped by the first round of Child Tax Credit payments.
Compensation rose while proprietors' income fell. Higher income and only slightly higher consumer spending caused saving as a percent of personal income to rise
The saving rate was well above its pre-pandemic level.
Payroll employment growth slowed in August and the unemployment rate fell.
Core PCE inflation over the year reached 3.6% in July.
The 10-year Treasury yield was around 1.4% at the beginning of September. The S&P 500 stock index was up 22% year-to-date on September 3. The market-implied federal funds rate path shifted up and steepened between August 3 and September 3.
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.