Global Outlook Americas

Investment Perspectives - Americas Overview

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Investment Perspectives: Americas Overview

As 2023 began, we were keenly interested in a number of macroeconomic indicators, including U.S. employment trends, discretionary spending, real estate transaction volume, and lending activity.

As the end of the year approaches, using only the most recent data for the first two indicators puts the U.S. economy in good health. Unemployment dropped from 4.2% in Q4 2021 to 3.6% one year later – as of October it stands at 3.9%1 – about where it was pre-pandemic when the economy was booming. Consumption in 2023 far outpaced many forecasts, increasing 2.4%2 through October. So, the U.S. consumer hasn’t been having many concerns with employment or spending, and the economy itself has arguably been among the strongest performers in the developed world.

1 Bureau of Labor Statistics, The Employment Situation – October 2023, November 3, 2023
2 Council of Economic Advisors, As the U.S. Consumer Goes, So Goes the U.S. Economy, October 20, 2023

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Alfonso Munk
CIO, Americas

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Investment Impacts

The investment signals we followed in 2023 have provided a mixed message. Most economies (the U.S., Latin America, and parts of South America) in the region have generally done well by traditional measures, but real estate has experienced a cyclical reset. The U.S. recovery has lagged Europe and Asia, but seemed to be show signs of life, with transaction volumes possibly on the rise and bank lending standards finally ready to relax.

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The content herein and in the report is provided for informational purposes only. Nothing above or in the report constitutes investment, legal, or tax advice or recommendations. Such content should not be relied upon as a basis for making an investment decision and is not an offer of advisory services or an offer to invest in any product or asset class. It should not be assumed that any investment in an asset class described herein will be profitable. Any projections, estimates, forecasts, targets, prospects and/or opinions expressed in these materials are subject to change without notice. Opinions or beliefs expressed in these materials may differ or be contrary to opinions expressed by others. Certain information above and in the report has been obtained from third-party sources. Hines has not independently verified such information.