Mill Street Research @millstreetresearch.com · Jul 6 Macro is holding up on a nominal basis, and somewhat on a "proportional" basis, but less so on a real basis. Nominal GDP is being helped by inflation, while real GDP and real consumption growth is ok but not great (~2%), helped by productivity and reduced saving.
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Total employment growth (non-farm payrolls) has slowed significantly (near 0% year-on-year), but total nominal income growth has held up (4-5%) thanks to higher wage growth (part of inflation). Lower supply of workers is keeping wage growth higher.