Opening Statement from the May 2022 CCPM Forecaster

Opening Statement from the May 2022 CCPM Forecaster

Originally published on May 1, 2022 (pre-market release)

US Economy

Despite inflation at more than 40-year highs, the US economy remains fairly strong, with unemployment at 3.6% and robust consumer spending. Corporate profits are also solid with high profit margins.

To the surprise of most, Q1 q-o-q GDP growth contracted (the first time since the 2020 pandemic) by an annualized rate of 1.4%, versus an expected 1.1% expansion. Meanwhile, consumption grew at a solid 2.7% rate. Most likely,