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<h3>INTRODUCTION</h3>
<p>The American economy showed continued resilience in the first quarter of 2023. Real GDP rose 1.1 percent at an annual rate while employers added 345,000 payroll jobs per month. Amid the strong job growth and persistently low unemployment rates, there were also signs that labor supply grew to match demand. The overall labor force participation rate (LFPR) improved to within a percentage point of its rate just before the pandemic and the prime-age (ages 25-54) LFPR matched its pre-pandemic rate. Moreover, inflation continued to slow over the year amidst improved supply chain resiliency, lower energy prices, and tighter monetary policy. However, inflation rates remain above the Federal Reserve’s 2 percent inflation target, elevated in part by price growth for rental residences and owner-occupied housing.</p>
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<h3>INTRODUCTION</h3>
<p>Despite global and pandemic-related economic headwinds, the U.S. economy proved its resilience in the fourth quarter of 2022 with real gross domestic product (GDP) growing at a healthy 2.9 percent annualized rate. Labor markets remained tight: employers added an average of 247,000 payroll jobs each month—a pace well-above that needed to maintain a stable unemployment rate—and the unemployment rate returned to the half-century low of 3.5 percent. Moreover, inflation continued to slow: since peaking in June 2022, 12-month headline inflation (as measured by the consumer price index) has fallen by 2.6 percentage points, owing to sharp drops in energy prices and moderating non-energy goods inflation over the second half of the year. Core inflation (excluding food and energy) slowed by less than headline, largely due to elevated shelter inflation—though timely measures of house pri
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