The lede:
Bob Basu was surprised when demand for facelifts, tummy tucks and liposuction surged early in the pandemic. But he’s even more amazed that it’s not over yet — well through a three-year recovery and into a bustling summer when, by most accounts, the economy was supposed to be deep in recession. Instead, the Houston plastic surgeon’s business is booming. Cosmetic procedures have doubled from pre-covid levels and are expected to grow another 15 percent this year. He’s raised prices, hired another surgeon and, still, is booked through the fall.
In hopeful moment, storm clouds over Biden economy appear to lift But now the summer of 2023 is shaping up to be a period of unexpected expansion. With unemployment near 50-year lows, inflation edging down and wages rising faster than prices, businesses and families are still spending: Orders for American-made goods spiked in June and fresh data this week shows that retail and restaurant sales climbed for the fourth straight month in July. The Atlanta Fed is now predicting economic growth will reach 5 percent this quarter.
Ducatis and BMW motorcycles are flying off lots. Cruise bookings are at all-time highs. And crowds are spending billions to see Taylor Swift, Beyoncé and “Barbie.” In all, Americans spent more at restaurants, bars, clothing shops and hardware stores in July than they did the month before, according to federal data.
“We’ve had three years of unusual and puzzling moments and frankly, this summer is just one more,” said Claudia Sahm, founder of Sahm Consulting and a former Federal Reserve economist. “People have been talking about a recession for two years — wishing on it, even — but the economy is still strong. Inflation is coming down, unemployment is staying low. Things are not cratering.”
See below. Posted earlier today:
GDPNow. 5.0 -- latest reading. Will be updated again, tomorrow, August 16, 2023. Is 5.0 the best of any western economy right now?
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