BIS central bankers’ speeches  1  4. U.S. economy  The U.S. economy continued to recover at a moderate pace, particularly in the household sector, supported by accommodative financial conditions.
Although some weakness can be seen in household sentiment due to the effects of the expiration of the payroll tax cut at the beginning of 2013, the employment situation has been improving, albeit modestly, and private consumption has been firm, as evidenced by continued brisk car sales. Housingrelated investment has also continued to show signs of picking up, albeit at a depressed level.