Homing in on a soft spot in the US recovery

The combination of a strengthening labour market and a subdued household sector will pose challenges for the Federal Reserve, which may need to raise rates sooner than expected.

It’s two steps forward, one step back for the United States recovery, with labour market indicators leading the way but housing and household spending showing signs of moderation. Strength in the labour market will eventually require the Fed to act, consistent with its mandate, but a soft household sector cannot be easily ignored.

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