United States: 2022 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for the United States
IMF Staff Country Reports, July 12, 2022
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- United States: 2022 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for the United States
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Bibliographic details
- Published: July 12, 2022
- Series: IMF Staff Country Reports
- DOI: https://doi.org/10.5089/9798400213502.002
Economic recovery and labor market
- The US economy "has recovered quickly from the pandemic shock."
- "Just over two years after the COVID-19 shock, the unemployment rate and other measures of labor force underutilization have returned to end-2019 levels and output is close to its pre-pandemic trend."
- Keywords relevant to labor and prices include: "Labor force participation", "Labor markets", "Wages", "core PCE inflation", "headline PCE inflation", "Inflation".
Monetary policy assessment
- The Federal Open Market Committee’s decision at its June meeting—to raise rates by 75 basis points and provide forward guidance around a path for the federal funds rate that peaks at close to 4 percent—"strikes the right balance."
- The specified policy path should "serve to create the up-front tightening of financial conditions that will be necessary to quickly bring inflation back to target."
Fiscal, structural, and climate considerations
- The report attributes the strong recovery in part to "unprecedented policy stimulus" and the advantages of a "highly flexible economy."
- Policy recommendation: "More determined action is needed to achieve the administration’s climate goals and to facilitate a smooth, speedy transition to a low carbon economy."
Publication and metadata
- Pages: 77
- Volume: 2022
- Issue: 220
- Series: Country Report No. 2022/220
- DOI: https://doi.org/10.5089/9798400213502.002
- Subjects: International organization, Labor, Monetary policy, Prices, Public financial management (PFM)
- Keywords: consumption expenditure, core PCE inflation, data revision, Financial statements, Global, headline PCE inflation, IMF staff estimate, Inflation, Labor force participation, Labor markets, liability positions vis-à-vis nonresident, Wages
Source: United States: 2022 Article IV Consultation—Press Release; Staff Report; and Statement by the Executive Director for the United States (International Monetary Fund), July 12, 2022.
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