Consumption, personal income excluding transfers and (for April) manufacturing and trade sales.
Figure 1: Non-agricultural salaried employment (NFP) from the CES (bold blue), civilian employment (orange), industrial production (red), personal income excluding current transfers in Ch.2017 $ (bold green), manufacturing and commercial sales in Ch.2017 $ (black), consumption in $Ch.2017 (light blue) and monthly GDP in $Ch.2017 (pink), GDP, 3rd version (blue bars), all logarithmic normalized to 2021M11=0. Source: BLS via FRED, Federal Reserve, BEA 2024Q1 advance release, S&P Global Market Overview (nee Macroeconomic Advisors, IHS Markit) (5/1/version 2024) and calculations by the author.
