Puget Sound Economic Update 2022Q4

The Puget Sound region continued to gain jobs during Q4 of 2022, mainly driven by the Healthcare, Financial Services and Hospitality sectors.  Despite continued asset price declines resulting from hawkish monetary policy, overall consumer spending improved and equity markets turned positive during the period. 

While nationwide manufacturer confident declined by 1% in Q4, consumer sentiment improved by 2% and the consumer savings rate remained well below the five-year average of 10%.  Though household balance sheets remain relatively healthy by historical standards, continued uncertainty remains a theme for early-2023 as many large technology companies announce layoffs and inflationary pressures continue.