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The U.S. economy

Since the last recession, the U.S. economy has more than recovered its lost output, pushing equity markets to new highs, in spite of persistent investor skepticism. This is why it is important to maintain perspective. Despite some headwinds and negative headlines, the economic expansion looks poised to continue.

Economic Expansions and Recessions
Some cyclical sectors have yet to fully recover
 
  • Although overall growth has been resilient, there has been a lackluster recovery in the most cyclical parts of the economy like vehicle sales, housing starts and capital expenditures.
  • Pent-up demand in these cyclical sectors should be actualized as time heals the wounds of last cycle.
  • Housing continues to be an especially important sector. Low inventories and still attractive affordability should continue to support prices, activity and sentiment.
Discussion Slides
Economic Growth and the Composition of GDP
Consumer Finances
Cyclical Sectors

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