The U.S. is heading into Q4 with a mixed economic outlook: while inflation has begun to edge higher, the labor market shows signs of cooling and the Fed has responded with a cautious rate cut. At the same time, broad and shifting tariff actions are adding cost pressures and planning uncertainty, while tighter immigration policy is reshaping both labor supply and consumer demand. Yet despite these headwinds, consumers continue to spend—for now.

To unpack these dynamics, join Numerator’s Chief Economist, Dr. Leo Feler, and Senior Economist, Paul Stanley, for a briefing on the state of the U.S. economy and related shifts in consumer behavior, with Q&A to follow.