{"id":2537,"date":"2023-05-16T13:45:14","date_gmt":"2023-05-16T17:45:14","guid":{"rendered":"https:\/\/www.lee-associates.com\/boston\/?p=2537"},"modified":"2023-05-16T14:25:18","modified_gmt":"2023-05-16T18:25:18","slug":"q1-2023-economic-reports","status":"publish","type":"post","link":"https:\/\/www.lee-associates.com\/boston\/2023\/05\/16\/q1-2023-economic-reports\/","title":{"rendered":"Q1 2023 Economic Reports"},"content":{"rendered":"<div id=\"pl-2537\"  class=\"panel-layout\" ><div id=\"pg-2537-0\"  class=\"panel-grid panel-no-style\" ><div id=\"pgc-2537-0-0\"  class=\"panel-grid-cell\" ><div id=\"panel-2537-0-0-0\" class=\"so-panel widget widget_sow-editor panel-first-child panel-last-child\" data-index=\"0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-editor so-widget-sow-editor-base\"\n\t\t\t\n\t\t>\n<div class=\"siteorigin-widget-tinymce textwidget\">\n\t<h3 style=\"text-align: left\">GDP GROWTH \u2022 EMPLOYMENT \u2022 MONETARY POLICY \u2022 GLOBAL ECONOMY<\/h3>\n<hr \/>\n<h2><\/h2>\n<h2>GDP GROWTH: TRENDING IN Q1 2023<\/h2>\n<p>The nation\u2019s gross domestic product slowed dramatically in the first quarter, reflecting reduced production of goods and services that rose at a seasonally adjusted 1.1% annual rate in the first three months of the year. Nevertheless, the Q1 data released by the Commerce Department shows that consumers still are spending despite higher prices driven by high inflation, which the Federal Reserve is trying to stifle by raising interest rates. Spending on travel, restaurants and other services continues to rebound. Purchases of goods also rose after four straight quarters of declines. <a href=\"https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report.pdf\">READ MORE&gt;<\/a><\/p>\n<p>&nbsp;<\/p>\n<h2>EMPLOYMENT: TRENDING IN Q1 2023<\/h2>\n<p>Although non-farm U.S. employment gains totaled 236,000 in March and the 3.5% unemployment rate was little changed, job openings fell to their lowest level in nearly two years, a sign to some economists of an easing labor market. A loosening of employment conditions would be welcomed by the Federal Reserve. The central bank has raised interest rates nine times in the past year to slow the economy and hiring in order to reduce the rate of inflation. The Federal Funds Rate has increased from near zero to a range of 4.75% to 5%. Inflation has fallen to 5% after peaking in June at 9.1%. There were 9.9 million job openings in March, a decline of 632,000 jobs from the month before, according to the Labor Department. Nevertheless, the job market remains tight with 1.7 positions for every unemployed person, down from 1.9 openings. <a href=\"https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report.pdf\">READ MORE&gt;<\/a><\/p>\n<p>&nbsp;<\/p>\n<h2>MONETARY POLICY: TRENDING IN Q1 2023<\/h2>\n<p>The Federal Reserve increased interest rates twice in the first quarter, bringing the benchmark borrowing rate to a new 4.75%-5% target range \u2013 the highest since the mid-2000s \u2013 as Fed Chairman Jerome Powell signaled that the need for more tightening was increasing.<\/p>\n<p>To combat inflation, the Fed has been trying to slow investment, spending and hiring. The U.S. inflation rate is 4.98% compared to 6.04% in February and 8.54% a year ago. <a href=\"https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report.pdf\">READ MORE&gt;<\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><\/h4>\n<hr \/>\n<p>The information and details contained herein have been obtained from third-party sources believed to be reliable, however, Lee &amp; Associates has not independently verified its accuracy. Lee &amp; Associates makes no representations, guarantees, or express or implied warranties of any kind regarding the accuracy or completeness of the information and details provided herein, including but not limited to, the implied warranty of suitability and fitness for a particular purpose. Interested parties should perform their own due diligence regarding the accuracy of the information.<\/p>\n<p>The information provided herein, including any sale or lease terms, is being provided subject to errors, omissions, changes of price or conditions, prior sale or lease, and withdrawal without notice. Third-party data sources: CoStar Group, Inc., The Economist, U.S. Bureau of Economic Analysis, U.S. Bureau of Labor Statistics, Congressional Budget Office, European Central Bank, GlobeSt.com, CoStar Property and Lee Proprietary Data.<\/p>\n<p>\u00a9 Copyright 2023 Lee &amp; Associates all rights reserved. Third-party Image sources: sorbis\/shutterstock.com, shutterstock.com, pixabay.com, istock.com<\/p>\n<p>&nbsp;<\/p>\n<\/div>\n<\/div><\/div><\/div><div id=\"pgc-2537-0-1\"  class=\"panel-grid-cell\" ><div id=\"panel-2537-0-1-0\" class=\"so-panel widget widget_sow-image panel-first-child\" data-index=\"1\" ><div class=\"panel-widget-style panel-widget-style-for-2537-0-1-0\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743-2537\"\n\t\t\t data-overlay-enabled=\"1\" data-overlay-settings=\"{&quot;enabled_for_widgets&quot;:[&quot;sow-image&quot;,&quot;sow-image-grid&quot;,&quot;sow-simple-masonry&quot;],&quot;theme&quot;:&quot;&quot;,&quot;show_delay&quot;:300,&quot;overlay_color&quot;:&quot;#000000&quot;,&quot;overlay_opacity&quot;:0.8,&quot;overlay_position&quot;:&quot;bottom&quot;,&quot;overlay_size&quot;:0.3,&quot;desktop_show_trigger&quot;:&quot;hover&quot;,&quot;touch_show_trigger&quot;:&quot;touch&quot;,&quot;responsive_breakpoint&quot;:&quot;1024px&quot;,&quot;responsive_breakpoint_unit&quot;:&quot;px&quot;,&quot;overlay_animation&quot;:&quot;fade&quot;,&quot;overlay_animation_onscreen&quot;:false,&quot;font_family&quot;:&quot;&quot;,&quot;text_size&quot;:&quot;15px&quot;,&quot;text_size_unit&quot;:&quot;px&quot;,&quot;text_color&quot;:&quot;#fff&quot;,&quot;text_padding&quot;:&quot;22px 22px 22px 22px&quot;,&quot;text_position&quot;:&quot;middle&quot;,&quot;text_align&quot;:&quot;left&quot;,&quot;text_animation&quot;:&quot;&quot;}\"\n\t\t>\n<div class=\"sow-image-container\">\n\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report-Social-Media-Graphic-IG1-512x512.jpg\" width=\"512\" height=\"512\" srcset=\"https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report-Social-Media-Graphic-IG1-512x512.jpg 512w, https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report-Social-Media-Graphic-IG1-1280x1280.jpg 1280w, https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report-Social-Media-Graphic-IG1-256x256.jpg 256w, https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report-Social-Media-Graphic-IG1-768x768.jpg 768w, https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report-Social-Media-Graphic-IG1-1536x1536.jpg 1536w, https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report-Social-Media-Graphic-IG1-2048x2048.jpg 2048w\" sizes=\"(max-width: 512px) 100vw, 512px\" title=\"2023.Q1 Economic Report &#8211; Social Media Graphic (IG1)\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t<\/div>\n\n<\/div><\/div><\/div><div id=\"panel-2537-0-1-1\" class=\"so-panel widget widget_lsow-button\" data-index=\"2\" ><div class=\"panel-widget-style panel-widget-style-for-2537-0-1-1\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-lsow-button so-widget-lsow-button-default-55979d936fc4-2537\"\n\t\t\t\n\t\t><div class=\"lsow-button-wrap\" style=\"clear: both; text-align:center;\"><a class= \"lsow-button  lsow-custom lsow-small lsow-animate-on-scroll lsow-visible-on-scroll\" data-color=\"#98002e\" data-hover-color=\"#a9c3cb\" data-animation=&quot;fadeIn&quot; href=\"https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2023\/05\/2023.Q1-Economic-Report.pdf\" target=&quot;_blank&quot;>Download Report<\/a><\/div><\/div><\/div><\/div><div id=\"panel-2537-0-1-2\" class=\"widget_text so-panel widget widget_custom_html\" data-index=\"3\" ><div class=\"widget_text panel-widget-style panel-widget-style-for-2537-0-1-2\" ><div class=\"textwidget custom-html-widget\"><hr><\/div><\/div><\/div><div id=\"panel-2537-0-1-3\" class=\"so-panel widget widget_sow-image panel-last-child\" data-index=\"4\" ><div\n\t\t\t\n\t\t\tclass=\"so-widget-sow-image so-widget-sow-image-default-c67d20f9f743-2537\"\n\t\t\t data-overlay-enabled=\"1\" data-overlay-settings=\"{&quot;enabled_for_widgets&quot;:[&quot;sow-image&quot;,&quot;sow-image-grid&quot;,&quot;sow-simple-masonry&quot;],&quot;theme&quot;:&quot;&quot;,&quot;show_delay&quot;:300,&quot;overlay_color&quot;:&quot;#000000&quot;,&quot;overlay_opacity&quot;:0.8,&quot;overlay_position&quot;:&quot;bottom&quot;,&quot;overlay_size&quot;:0.3,&quot;desktop_show_trigger&quot;:&quot;hover&quot;,&quot;touch_show_trigger&quot;:&quot;touch&quot;,&quot;responsive_breakpoint&quot;:&quot;1024px&quot;,&quot;responsive_breakpoint_unit&quot;:&quot;px&quot;,&quot;overlay_animation&quot;:&quot;fade&quot;,&quot;overlay_animation_onscreen&quot;:false,&quot;font_family&quot;:&quot;&quot;,&quot;text_size&quot;:&quot;15px&quot;,&quot;text_size_unit&quot;:&quot;px&quot;,&quot;text_color&quot;:&quot;#fff&quot;,&quot;text_padding&quot;:&quot;22px 22px 22px 22px&quot;,&quot;text_position&quot;:&quot;middle&quot;,&quot;text_align&quot;:&quot;left&quot;,&quot;text_animation&quot;:&quot;&quot;}\"\n\t\t>\n<div class=\"sow-image-container\">\n\t\t\t<a href=\"https:\/\/www.lee-associates.com\/boston\/properties\/\"\n\t\t\ttarget=\"_blank\" rel=\"noopener noreferrer\" \t\t>\n\t\t\t<img \n\tsrc=\"https:\/\/www.lee-associates.com\/boston\/wp-content\/uploads\/sites\/79\/2022\/08\/property-box.png\" width=\"507\" height=\"403\" sizes=\"(max-width: 507px) 100vw, 507px\" alt=\"\" \t\tclass=\"so-widget-image\"\/>\n\t\t\t<\/a><\/div>\n\n<\/div><\/div><\/div><\/div><\/div>","protected":false},"excerpt":{"rendered":"<p>GDP GROWTH \u2022 EMPLOYMENT \u2022 MONETARY POLICY \u2022 GLOBAL ECONOMY GDP GROWTH: TRENDING IN Q1 2023 The nation\u2019s gross domestic product slowed dramatically in the first quarter, reflecting reduced production of goods and services that rose at a seasonally adjusted 1.1% annual rate in the first three months of the year. Nevertheless, the Q1 data released by the Commerce Department shows that consumers still are spending despite higher prices driven by high inflation, which the&#8230;<\/p>\n","protected":false},"author":143,"featured_media":2258,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[744],"tags":[],"class_list":["post-2537","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-research"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.5 (Yoast SEO v28.5) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Q1 2023 Economic Reports - Lee &amp; Associates - Boston<\/title>\n<meta name=\"description\" content=\"The U.S. economy contracted for the second straight quarter as a tightened monetary policy and high inflation took more steam out of consumer spending and businesses trimmed inventories.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.lee-associates.com\/boston\/2023\/05\/16\/q1-2023-economic-reports\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Q1 2023 Economic Reports\" \/>\n<meta property=\"og:description\" content=\"The U.S. economy contracted for the second straight quarter as a tightened monetary policy and high inflation took more steam out of consumer spending and businesses trimmed inventories.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.lee-associates.com\/boston\/2023\/05\/16\/q1-2023-economic-reports\/\" \/>\n<meta property=\"og:site_name\" content=\"Lee &amp; 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