Economic Update

Summary

The U.S. real GDP grew at a 0.7-percent seasonally adjusted annualized rate in the fourth quarter of 2025. Consumer spending drove growth, accounting for 1.8 percentage points of the 2.1-percent real GDP growth. U.S. headline inflation remained unchanged at 2.4 percent year-over-year in February 2026. The labor market saw an increase in the unemployment rate to 4.4 percent, with a loss of 92,000 nonfarm payroll jobs in February. Building activity in California showed an increase in permitted units, with 115,800 total units permitted in December 2025.

Details

Subject

Economic Update

Summary

The U.S. real GDP grew at a 0.7-percent seasonally adjusted annualized rate in the fourth quarter of 2025. Consumer spending drove growth, accounting for 1.8 percentage points of the 2.1-percent real GDP growth. U.S. headline inflation remained unchanged at 2.4 percent year-over-year in February 2026. The labor market saw an increase in the unemployment rate to 4.4 percent, with a loss of 92,000 nonfarm payroll jobs in February. Building activity in California showed an increase in permitted units, with 115,800 total units permitted in December 2025.

Report Date

2026-03-01

Report Type

Economic Update

Report Title

Economic Update

Reporting Period

2025-2026