Board Converting News, January 8, 2024


ing from the auto strike, adding 8,200 workers for the month, while Texas reported the greatest growth in manu- facturing employment over the past 12 months, up 28,100. “Meanwhile, the Index of Consumer Sentiment jumped to 69.7 in December, a five-month high, with consumers across all demographic groups feeling more upbeat about both current and future economic conditions. “Personal consumption expenditures rose 0.2 percent in November. Consumer spending has provided continued resilience to the U.S. economy despite lingering uncertain- ties in the economic outlook, with personal spending ris- ing 5.4 percent year-over-year. The personal saving rate inched up to 4.1 percent in November but remained below pre-pandemic rates. Personal income increased 0.4 per- cent in November. Wages and salaries rose 0.6 percent in November, but with manufacturing wages and salaries jumping 1.4 percent. Over the past 12 months, total wages and salaries have increased 6.5 percent, with manufactur- ing wages and salaries rising 5.9 percent year-over-year. “The Federal Reserve is not expected to make any changes to rates at the next meeting on January 30-31, pausing on rates for the fourth straight FOMC meeting. Participants at the most recent meeting signaled there could be three rate cuts in 2024 in economic projections. Pending incoming data, those rate cuts could come as soon as the March 19-20 or April 30-May 1 meetings.”

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12 January 8, 2024

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