The fundamentals of the U.S. economy are “good” at the moment and the labor market remains strong with the economy set for a gross domestic product growth rate of 2% to 2.25% for 2020, Chicago Federal Reserve Bank President Charles Evans told CNBC on Friday.
Weekly earnings for employees of small businesses grew at an annual rate of 4.1% at the end of the year, the fastest pace since the Paychex/IHS Markit Small Business Employment Watch began.
Holiday shopping set records over the weekend, with Super Saturday sales reaching $34.4 billion, the biggest single day in U.S. retail history, according to Customer Growth Partners.
Fannie Mae’s Economic and Strategic Research Group predicts builders will expand production more than previously expected, due to a strong labor market and robust consumer spending. Low mortgage rates will also help.