Two the Point — Revised and Resilient: A Stronger U.S. Economy

Andrew Davis, CFA®

Bryn Mawr Trust Advisors

October 11, 2024

< 1 min read

Two the Point

Recent economic data continues to highlight the resilience of the U.S. economy, driven by strong labor market conditions and a positive revision to personal savings. The backdrop suggests the economy remains on track for a soft landing, with potential for near-term volatility as markets digest these mixed signals.

Nonfarm Payrolls: Rose by a solid +254,000 in September, with private payrolls up +223,000, supported by health and education sectors.
Upward Revisions: Previous payroll data was revised higher by +72,000, strengthening the overall labor market picture.
Personal Savings Rate: Revised significantly higher for Q2 2024, driven by higher wages, bolstering consumer resilience and spending capacity.
GDI vs. GDP: GDI was revised upward to 3.4% from 1.3% for Q2 2024, closing the gap with GDP, and signaling stronger underlying economic activity than initially expected.
Manufacturing Sector: Continues to contract, but no sharp declines signaling immediate concern.
Overall Outlook: The U.S. economy remains on a solid footing, supported by strong consumer fundamentals and labor market conditions, positioning itself for a soft landing despite potential near-term market volatility.

Andrew Davis, CFA®

Bryn Mawr Trust Advisors

Andrew Davis leads a team that analyzes broad economic trends and factors that impact global and national economies. He joined the company in 2019.

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