Research Note: A Closer Look at Wage Growth

October 31, 2017 | Market Commentary

October marks the eight-year anniversary of the first and only month since the early 1980s that headline unemployment reached 10% in the United States. A lot has changed in the intervening eight years.

Accounting for the U.S. Consumer’s Gas Savings Windfall

July 23, 2015 | Market Commentary

Personal Consumption Expenditures (PCE) have increased throughout the recovery as incomes have grown and confidence has improved. This needs to be taken into account when analyzing growth in PCE linked to the fall in energy prices in order to avoid confusing growth that would have occurred regardless of the change in energy prices.