Economic view

From the desk of Chief Economist Beth Ann Bovino

September 21, 2026

Inflation: The 162,000-job question

I am not one to complain about a larger paycheck or more jobs. But higher wages lead to higher prices for products as businesses pass through costs. Which then leads the Fed to further tighten policy.  

Weekly Economic Highlights

Week of September 21: Just a spoonful of tightening

Monthly Economic Outlook

Macroeconomic forecast: A new engine

In the spotlight

Labor Market

U.S. labor market: Low-hire, low-fire economy

September 16, 2026

The current state of the U.S. labor market maintains a steady “low-hire, low-fire” condition. Explore job growth trends, unemployment data and recession risks.

Economic indicators

Recession indicators: Adjusting to evolving signals

August 5, 2026

While exceptional economic circumstances may, in part, explain why normal recession indicators have been off the mark in recent years, it’s beneficial to expand the scope of indicators to obtain clearer signals.

Tariffs and Trade

Trump administration’s economic plan: Potential impact on the broader economy and businesses

July 20, 2026

President Donald Trump’s economic plans, including trade policies, raise questions about the impact on the broader economy and specific industries.

Economics

The K-shaped economy in 2026: Uneven resilience and the forces shaping growth

July 8, 2026

The K-shape reflects a bifurcated path: high‑income households and capital‑intensive sectors benefit from asset appreciation and technological change, while lower‑wage workers face more limited income growth and thinner financial buffers. 

Healthcare

How the U.S. healthcare system is shaping the economy

June 17, 2026

Healthcare touches nearly every corner of the U.S. economy, from household budgets to employer benefit costs, and as its footprint grows, small shifts in costs, staffing and efficiency can ripple far beyond hospitals and clinics.

Global Monetary Policy

The new monetary policy debate facing global central banks

August 28, 2026

Inflation has cooled, but central banks remain focused on determining how much policy restraint is needed to return inflation sustainably to target.

Global Economy

Can the global economy continue growing?

June 12, 2026

Years of post‑pandemic recovery, persistent inflation and rising tariffs have shaped today’s global economy, leaving growth intact but increasingly uneven across regions and sectors.

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Disclosures

This discussion is intended to be informational only and is not exhaustive or conclusive. It is not intended to serve as a recommendation or solicitation for the purchase or sale of any particular product or service. It does not constitute advice and is issued without regard to any particular objective or the financial situation of any particular individual. Some of the information provided has been obtained from sources believed to be reliable, but is not guaranteed as to accuracy or completeness. Other information represents the opinion of U.S. Bank and is not intended to be a forecast of future events or a guarantee of future results. U.S. Bank and its representatives do not provide tax, accounting or legal advice. Each individual's financial situation is unique. You should consult your tax, accounting and/or legal advisor for advice and information concerning your particular situation.

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