Economic report to the governor highlights

The remarkably resilient U.S. economy successfully navigated 2023's choppy waters of rising interest rates, banking turmoil, and moderating-but-still-elevated inflation. Rather than sinking with dire predictions, estimates indicate the U.S. economy expanded in all four quarters, buoyed by strong labor markets (with employers resistant to shed scarce employees), continued robust consumer spending, and carryover effects from massive pandemic-era economic stimulus.