As we move through the second quarter of the year, the economic picture continues to evolve—resilient in some areas, but with a few warning lights beginning to blink.
Let’s start with the good news: the U.S. labor market is still holding strong. We added 177,000 jobs in April, with notable gains in healthcare, transportation, and hospitality. The unemployment rate held steady at 4.2%, and more people are joining the workforce again—participation hit a three-month high at 62.6%. That said, we’re seeing some softening in wage growth, which could help ease inflation but may also reflect a cooling trend in the job market.
On the inflation front, we got a bit of a breather. April’s Consumer Price Index came in at 2.3% year-over-year, down from March and marking the slowest pace in over three years. Core inflation stayed at 2.8%, but it’s still headed in the right direction. Consumers, however, seem to be feeling the strain. Sentiment fell sharply—likely tied to tariff worries and economic uncertainty—even as spending ticked up. People appear to be front-loading purchases, particularly in autos, ahead of expected price hikes.
Markets took all of this in stride and bounced back nicely in April. The Dow, S&P, and Nasdaq all posted strong gains, lifted by better-than-expected jobs data, cooling inflation, and a pause in new tariffs. The Fed held interest rates steady, citing mixed signals like Q1’s slight GDP contraction and still-sticky inflation. Housing remains a question mark—mortgage rates stabilized, but home sales and prices are dipping, and inventory is rising.
Globally, trade tensions are still simmering. Manufacturing continues to struggle at home, and while vehicle sales are up year-over-year, they dipped last month as consumers rushed to beat the tariffs. Overseas, Europe rolled out a significant stimulus plan and cut rates, pushing the euro higher against the dollar and signaling their own pivot toward growth.
Looking ahead, we’re in a period of careful balance. The Fed is staying patient, markets are alert, and consumers are feeling cautious. It’s a time for measured optimism—and close attention to how these cross-currents unfold.
In uncertain times like these, the value of staying connected through a trusted network like the EACC cannot be overstated—it’s our shared insights and relationships that help us navigate change with confidence.
As always, thank you for your continued engagement and insight.
Warm regards,
Marcel Summermatter
Chair European American Chamber of Commerce Carolinas
In The Loop
A Remarkable Month of Global Engagement for EACC-Carolinas
May was a dynamic and impactful month for the European American Chamber of Commerce – Carolinas (EACC-Carolinas), marked by strategic outreach, international engagement, and continued growth.
One of the highlights of the month was the two-day official visit by H.E. Francisco António Duarte Lopes, Portuguese Ambassador to the U.S., and Carlos Moura, Director of AICEP Portugal Trade & Invest NY. Organized by EACC-Carolinas, the visit offered the Portuguese delegation an immersive look into the Upstate of South Carolina—a region that shares striking similarities with Portugal in size and industrial strengths. The visit facilitated valuable connections with U.S. companies interested in investing in Portugal and vice versa, while also highlighting how SMEs on both sides of the Atlantic are adapting to new global trade dynamics through localization strategies.
The visit concluded with The Taste of Portugal, a celebratory networking event hosted at OneSpartanburg, where Ambassador Lopes and Mr. Moura emphasized Portugal’s growing attractiveness for international investment—especially in mobility, greentech, aerospace, life sciences, and digital economies.
EACC-Carolinas extends its sincere gratitude to Katherine, Kyle, and the OneSpartanburg team for their outstanding support, and to Cindy Gilander and Kelly Brown, whose behind-the-scenes coordination ensured every event detail was flawlessly executed.
Executive Director Fernanda Ceva kicked off the month by graduating from the South Carolina Port Ambassador Program in Charleston. The program brought together 30 leaders from across the state to explore the economic impact and strategic role of South Carolina’s ports. Fernanda’s participation strengthens the EACC’s connections within the state’s logistics and trade ecosystem—connections that directly benefit members.
Shortly thereafter, Fernanda joined some EACC members on a business development mission to Germany, meeting with companies exploring expansion to the U.S. The trip concluded with meaningful conversations—and a celebratory toast in a traditional Bierkeller.
From Europe to Washington, D.C., Fernanda next represented EACC-Carolinas at the SelectUSA Investment Summit, the premier event for foreign direct investment into the United States. EACC-Carolinas was joined by colleagues from EACC Texas, EACC New York, and EACC Netherlands, forming a strong, collaborative EACC presence on the national stage and showcasing the power of its growing transatlantic network.
Back in South Carolina, EACC-Carolinas partnered with Upstate International to host an informative session on cybersecurity, featuring expert insights from EACC member, Michael Sylvester, Chief Strategy Officer at @Net. The discussion emphasized the growing importance of digital resilience across sectors.
As we look ahead, June will be a quieter month at the EACC Carolinas, with no local events scheduled. This pause allows us to focus on strengthening our connections with the community and preparing for the second half of the year. Stay tuned for more ways to get involved and share your input as we continue to grow together.
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