* . *
  • About
  • Advertise
  • Privacy & Policy
  • Contact
Sunday, September 28, 2025
Earth-News
  • Home
  • Business
  • Entertainment
    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    Cardi B Adds More Dates to Little Miss Drama Tour: ‘Y’all Making Me Work’ – Yahoo

    Cardi B Extends Little Miss Drama Tour: “Y’all Making Me Work

    ‘Today’: Sheinelle Jones Thanks Katie Couric for Support After Husband’s Death – CBS 19 News

    Sheinelle Jones Expresses Heartfelt Thanks to Katie Couric for Support After Husband’s Passing

    Sate your hunger at DBA’s Taste of Downtown – Bakersfield.com

    Indulge Your Cravings at DBA’s Taste of Downtown!

    Caesars Entertainment (CZR): Assessing Valuation After Times Square Casino Setback and Mounting Investor Concerns – simplywall.st

    Caesars Entertainment Faces Times Square Casino Hurdles as Investor Concerns Mount

    Why Hilaria Baldwin Has Found the ‘DWTS’ Process ‘Embarrassing’ At Times – WFXG

    Hilaria Baldwin Opens Up About the Embarrassing Moments on Her ‘DWTS’ Journey

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    How Sustainable Technology is Shaping a Greener Future – Technology Magazine

    How Sustainable Technology is Driving the Revolution Toward a Greener Future

    Aurora police hope to add facial recognition technology to crime-fighting tools – CBS News

    Aurora Police Aim to Boost Crime-Fighting with New Facial Recognition Technology

    Autonomous Solutions shows off cutting-edge technology for the public – Cache Valley Daily

    Autonomous Solutions Unveils Cutting-Edge Technology for the Public

    Amazon to Pay $2.5 Billion in Prime Membership Settlement – The New York Times

    Amazon to Pay $2.5 Billion in Prime Membership Settlement – The New York Times

    What are we really gaining from technology? – Fast Company

    What Are We Really Gaining from Technology?

    TOMI Environmental Solutions, Inc. Expands SteraMist iHP Technology Services in Healthcare Sector with New Provider Partnership – Quiver Quantitative

    TOMI Environmental Solutions Accelerates SteraMist iHP Technology Expansion in Healthcare with New Provider Partnership

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
  • Home
  • Business
  • Entertainment
    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

    Cardi B Adds More Dates to Little Miss Drama Tour: ‘Y’all Making Me Work’ – Yahoo

    Cardi B Extends Little Miss Drama Tour: “Y’all Making Me Work

    ‘Today’: Sheinelle Jones Thanks Katie Couric for Support After Husband’s Death – CBS 19 News

    Sheinelle Jones Expresses Heartfelt Thanks to Katie Couric for Support After Husband’s Passing

    Sate your hunger at DBA’s Taste of Downtown – Bakersfield.com

    Indulge Your Cravings at DBA’s Taste of Downtown!

    Caesars Entertainment (CZR): Assessing Valuation After Times Square Casino Setback and Mounting Investor Concerns – simplywall.st

    Caesars Entertainment Faces Times Square Casino Hurdles as Investor Concerns Mount

    Why Hilaria Baldwin Has Found the ‘DWTS’ Process ‘Embarrassing’ At Times – WFXG

    Hilaria Baldwin Opens Up About the Embarrassing Moments on Her ‘DWTS’ Journey

  • General
  • Health
  • News

    Cracking the Code: Why China’s Economic Challenges Aren’t Shaking Markets, Unlike America’s” – Bloomberg

    Trump’s Narrow Window to Spread the Truth About Harris

    Trump’s Narrow Window to Spread the Truth About Harris

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    Israel-Gaza war live updates: Hamas leader Ismail Haniyeh assassinated in Iran, group says

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    PAP Boss to Niger Delta Youths, Stay Away from the Protest

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Court Restricts Protests In Lagos To Freedom, Peace Park

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Fans React to Jazz Jennings’ Inspiring Weight Loss Journey

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Science
  • Sports
  • Technology
    How Sustainable Technology is Shaping a Greener Future – Technology Magazine

    How Sustainable Technology is Driving the Revolution Toward a Greener Future

    Aurora police hope to add facial recognition technology to crime-fighting tools – CBS News

    Aurora Police Aim to Boost Crime-Fighting with New Facial Recognition Technology

    Autonomous Solutions shows off cutting-edge technology for the public – Cache Valley Daily

    Autonomous Solutions Unveils Cutting-Edge Technology for the Public

    Amazon to Pay $2.5 Billion in Prime Membership Settlement – The New York Times

    Amazon to Pay $2.5 Billion in Prime Membership Settlement – The New York Times

    What are we really gaining from technology? – Fast Company

    What Are We Really Gaining from Technology?

    TOMI Environmental Solutions, Inc. Expands SteraMist iHP Technology Services in Healthcare Sector with New Provider Partnership – Quiver Quantitative

    TOMI Environmental Solutions Accelerates SteraMist iHP Technology Expansion in Healthcare with New Provider Partnership

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
No Result
View All Result
Earth-News
No Result
View All Result
Home Business

9 things that will define the economy in 2024

December 24, 2023
in Business
9 things that will define the economy in 2024
Share on FacebookShare on Twitter

US Federal Reserve Chair Jerome Powell

Angle down icon
An icon in the shape of an angle pointing down.

The Fed expects to lower interest rates three times next year.

Liu Jie/Xinhua via Getty Images

Inflation is almost at the Fed’s 2% inflation target, and interest rates are expected to fall in 2024.Many economists say the US has achieved the long-awaited “soft landing” due to a strong jobs market.GDP growth also surpassed expectations but is expected to slow next year.

Thanks for signing up!

Access your favorite topics in a personalized feed while you’re on the go.

Bull

The economy was robust in 2023, with many economists saying the US will soon achieve the long-awaited “soft landing.” But leading up to the 2024 presidential election, much of the country is still gloomy about the US economy.

At the end of 2022, many leading economists and banks were predicting a recession by the end of 2023. However, inflation came down a lot amid steady job growth and a spike in manufacturing investment. Additionally, the racial wage and net worth gaps became smaller while consumer spending remained strong.

On the flipside, mortgage rates remain elevated, student-loan payments restarted, and inflation remains high for many daily expenses such as food, shelter, and “fun” things like subscriptions and concerts.

Shannon Seery Grein, vice president and economist at Wells Fargo, told Business Insider the bank is expecting a slight downturn in the economy in 2024, but nothing too painful.

“We also look for the recent moderation in the labor market to continue and lead to outright layoffs by the middle of next year consistent with recession,” Seery Grein said. “That said, if the economy does indeed fall into recession next year, we anticipate the contraction to be mild by historic standards, largely due to the decent financial position of households and some labor-hoarding effects among businesses.”

Economists are hoping for a relatively uneventful — or “boring” — 2024. J.P. Morgan Asset Management, Goldman Sachs, and S&P Global all predict GDP growth of about or slightly above 2% as the economy enters its “final descent to a soft landing.” Wells Fargo anticipates the core Personal Consumption Expenditures Price Index — which is closely watched by the Fed — to average an annual rate of 2.2% in the fourth quarter of 2024.

Business Insider took a look at nine things that define the economy as we head into 2024.

Inflation is slowing a lot

Inflation, as measured by the headline Consumer Price Index, slowed significantly this year, falling from 6.3% year-over-year in January to 3.1% in November. This comes after inflation peaked in June 2022 at over 8.9%.

A slowdown in price increases for food, energy, and goods has gotten inflation down to within reach of the Federal Reserve’s 2% target. It’s likely that pressures on housing prices may ease into next year, according to the White House.

While prices of durable goods fell 2.2% in October compared with the year prior, many Americans are still feeling the effects of rising prices for shelter, clothing, and groceries. Shelter prices — or housing — are up 5.5% year-over-year in November, while rent is up 6.5%. Groceries rose 1.7% year-over-year in November, while food at restaurants and bars was up 5.3%. Apparel overall is up 1.1% year-over-year — and up 2.8% for men’s and boys’ apparel.

Relief could be on the way for high interest rates that have spiked mortgage and credit card rates through the roof

The Fed raised rates four times in 2023, which have held steady since July with a benchmark borrowing rate between a target rate of 5.25%-5.5%. The Fed indicated three rate cuts coming in 2024 in hopes of bringing the Fed funds rate down to 2%-2.25% by 2026.

Though the Fed funds rate may have peaked, it’s impacted other rates such as credit card interest rates and mortgage rates. Credit card interest rates are at a record-high 20.7% according to Bankrate.

Meanwhile, 30-year fixed mortgage rates are slightly under 7.5%, making it more difficult for new homebuyers. Estimates reveal it has never been more expensive to buy a home.

Members of the Federal Open Market Committee don’t agree on the number of rate cuts coming in 2024 — two anticipate none, while four expect four cuts.

“We don’t believe we’ve seen the full extent of tighter policy yet translate to economic conditions, and as the Fed remains on hold in the near-term and inflation moderates, there will be a decent amount of passive tightening imparted on the economy,” Seery Grein told BI, referring to attempts to decrease the amount of money supply in the economy.

The job market could continue to slow, but not too much

2023 saw sustained job growth, but at rates slower than the last two years. This year, the economy added an average of 232,200 new jobs each month — about 55,000 more a month than in 2018 and 2019. These jobs were in sectors including healthcare and social assistance, leisure and hospitality, and government.

Since early 2022, the unemployment rate has stayed relatively stable between 3% and 4% — even amid rising interest rates. Last year, many economists expected that raising rates in order to bring inflation down would require the unemployment rate to spike.

The Congressional Budget Office predicts the unemployment rate will rise slightly next year to 4.4% in the fourth quarter, still low by historical standards.

The share of prime-age workers with a job or on the job hunt is at 83.3%, about the highest percentage since 2002. The participation rate for women hit a record high at 77.8%.

This all suggests people should not feel too concerned about maintaining their current employment, as inequality in the job market continues to improve.

Economic growth could continue to defy expectations thanks to high consumer spending and strong manufacturing investment

In late 2022, many economists and forecasters predicted negative real US economic growth for 2023. Instead, per the White House, the Blue Chip Economic Forecast projects GDP growth of 2.6% for 2023, thanks in part to an increase of 5.2% in the third quarter.

GDP growth in 2023 stemmed in part from strong consumer spending despite still-high inflation on retail goods and services. The personal consumption expenditures (PCE) price index was 2.6% higher in November 2023 than the year prior — and it fell in November from the previous month for the first time since April 2020. Month-over-month change in consumer spending for 2023 has been positive for every month except in March.

Economic growth was also sparked by increases in manufacturing investment — in the third quarter, private manufacturing construction investment hit a record-high level, the highest since 1958.

US economic growth is expected to slow in 2024, though. Leading banks and economists put GDP growth numbers for next year mostly between 0.5% and 2%. J.P. Morgan forecasts a conservative pace of expansion at 0.7%, while the Conference Board puts estimates at 0.9%. The CBO projects economic growth to slow to 1.5%. Though GDP is a closely watched measure of a recession, the two consecutive quarters of falling numbers is not the official definition.

“Our conviction around recession is not as high as it once was, and what we see most clearly is that 2024 is going to be a sluggish year for growth,” Seery Grein said.

People are finally realizing that the economy is doing well, despite inflation

The “vibecession” may be winding down — consumer sentiment is rebounding per the University of Michigan’s Survey of Consumers and the Conference Board’s Consumer Confidence Survey.

The University of Michigan Index of Consumer Sentiment increased 13.7% month-over-month in December — and 16.6% over the last 12 months, bringing levels back to those in July.

“December’s increase in consumer confidence reflected more positive ratings of current business conditions and job availability, as well as less pessimistic views of business, labor market, and personal income prospects over the next six months,” said Dana Peterson, chief economist at the Conference Board, in Wednesday’s release.

Still, many Americans are worried about the economy, especially given the things that impact them the most, like the cost of groceries or rent, which are still elevated. According to a November CNN poll of nearly 1,800 people, 84% said they’re at least somewhat concerned about the economy — 43% said they’re very worried.

Trends such as the “silent depression” reveal a discrepancy between larger economic variables and how Americans feel about their financial situations.

Given a sweeping majority of Americans are at least a little concerned about the economy, the economy could play a major role in swaying people’s opinions ahead of the 2024 presidential election.

Broad student-debt relief failed, and loan payments are weighing on borrowers’ spending ability

On September 1, federal student-loan interest resumed after a three-year pause, while payments began in October. As of June 2023, federal student loan debt was a combined $1.64 trillion, held by 43.6 million people and averaging to around $38,000 per borrower.

Just 7% of borrowers had over $100,000 in student-loan debt as of the third quarter, whereas more than half had under $20,000 to pay off, per Wells Fargo.

The resumption of payments meant that for many borrowers, the extra repayment obligations stripped away from other spending or saving. Millions have seen reductions in their financial buffer in case of emergencies.

Nearly nine million student-loan borrowers missed their first payments in October — about 40% of those who entered repayment a few months ago. Despite thousands receiving debt cancellation through fixes to the Public Service Loan Forgiveness waiver and income-driven repayment plans, millions of others are struggling to make ends meet while paying off their debt.

Though Biden’s first attempt at broad student-debt relief failed in 2023, his administration is trying an alternate route to loan forgiveness for a narrower group of borrowers. Though borrowers could have an answer on coming relief in 2024, it likely won’t be implemented until 2025.

The US economy is doing better than most

The US is outpacing much of the G7 countries, an economic forum of seven of the world’s most advanced economies in terms of inflation and GDP. The year-over-year inflation rate in the US ranks third in the G7 behind Italy — at 1.7% as of October after falling from 5.3% in September — and Canada at 3.1%. In October, Japan, France, and Germany were all below 4%, while the UK was at 4.7%.

In the third quarter, the US had by far the largest GDP growth at 1.2% compared to the previous quarter. The next highest is France at 0.1%, while the remaining countries did not record growth or shrank. Since the fourth quarter of 2019, the US also blows away the G7 in terms of GDP — the US grew 7.4%, while second-place Canada was at 3.5% and Italy was at 3.3%.

Economic inequality fell, but there’s still plenty of work to do

As real wages grew, lower-income Americans began to close the gap with higher-earning Americans. In November, real wages grew 0.8% year-over-year, and it was most pronounced in the lower income percentiles, in part due to the growth of union efforts and an ongoing labor shortage in lower paid industries such as hospitality. Per the White House, wages among the 90th percentile of earners, when compared to the 10th percentile, declined by 6% year-over-year.

2023 was also a record year for the employment rates for Black Americans compared to white Americans, according to the Council of Economic Advisors. There is still plenty of work to do to close the racial wage gap — Census data reveals in 2022, the median household income for white Americans is around $81,000, compared to just under $53,000 for Black households and $62,800 for Hispanic households.

The child poverty rate also remains a concern, as it more than doubled from 5.2% in 2021 to 12.4% in 2022, or about nine million children, according to recent Census Bureau data. This is comparable to the overall US poverty rate. Many women are being forced to leave the workforce as the average US childcare cost is $10,000 a year.

Girl dinners, Taylor Swift, and ChatGPT

Taylor Swift began her Eras Tour in March, while Beyoncé’s Renaissance World Tour ran from May to October. While their music attracted millions of fans, they also taught Americans a thing or two about the economy.

Many consumers spent thousands of dollars on concert tickets and travel to attend events, in part contributing to a 4.4% increase in year-over-year prices for admissions to movies, theaters, and concerts. Many were willing to fly across the country or around the world to see these artists, a surprising trend given rising inflation rates. A similar, though not as extreme, phenomenon occurred with the release of films including “Barbie” and “Oppenheimer.”

TikTok was at the center of some economic trends including “girl dinner,” consisting of meals made from affordable or leftover ingredients, which likely saved some people hundreds of dollars on food costs. The New York Times linked girl dinners to broader economic trends toward embracing thriftiness, particularly surrounding food as prices remain elevated.

ChatGPT also made headlines for its ability to make people more productive — and its threatening aura to take jobs away. While many economists are unsure just how much AI software could impact the job market, many believe it could increase productivity and generate additional revenue for companies.

Inflation
Interest Rates
Consumer spending

More…

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : Business Insider – https://www.businessinsider.com/2024-economic-outlook-forecast-state-of-the-economy-recession-inflation-2023-12

Tags: businessdefineThings
Previous Post

Robots are taking over fast-food kitchens. See how chains are using automation to make chips, salads, burgers, and fries.

Next Post

Step aside, Krampus: Austria and Bavaria’s Christmas villain is a demon that disembowels children

Real-World Data Support Dual Benefit of Biologic Therapy for Hidradenitis Suppurativa – The American Journal of Managed Care® (AJMC®)

Real-World Data Support Dual Benefit of Biologic Therapy for Hidradenitis Suppurativa – The American Journal of Managed Care® (AJMC®)

September 28, 2025
Recession seems far off — that’s the good news. Yet the economy is also far from trouble-free. – MarketWatch

Recession seems far off — that’s the good news. Yet the economy is also far from trouble-free. – MarketWatch

September 28, 2025
TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

TicketSmarter Fall Entertainment Guide – Eastern Illinois University Athletics

September 28, 2025
Is Clover Health (CLOV) Using AI to Shift Its Healthcare Competitive Position? – simplywall.st

Is Clover Health (CLOV) Revolutionizing Healthcare with Cutting-Edge AI?

September 28, 2025
Iowa Matters Less Than Ever for Democrats, but They Can’t Quit It – The New York Times

Iowa Matters Less Than Ever for Democrats, but They Can’t Quit It – The New York Times

September 28, 2025
Little Spokane River Spill – Washington State Department of Ecology (.gov)

Little Spokane River Spill – Washington State Department of Ecology (.gov)

September 27, 2025
St. Pete City Council voices support to save shuttered Science Center – FOX 13 Tampa Bay

St. Pete City Council voices support to save shuttered Science Center – FOX 13 Tampa Bay

September 27, 2025
LDWF Announces Temporary Closure of the Nature & Science Center at Port Wonder – Louisiana Department of Wildlife and Fisheries (.gov)

Temporary Closure of the Nature & Science Center at Port Wonder Announced

September 27, 2025
The One Ingredient That Gives Chickpeas That Perfect Crunch – Yahoo

The Secret Ingredient That Makes Chickpeas Irresistibly Crunchy

September 27, 2025
How Sustainable Technology is Shaping a Greener Future – Technology Magazine

How Sustainable Technology is Driving the Revolution Toward a Greener Future

September 27, 2025

Categories

Archives

September 2025
M T W T F S S
1234567
891011121314
15161718192021
22232425262728
2930  
« Aug    
Earth-News.info

The Earth News is an independent English-language daily published Website from all around the World News

Browse by Category

  • Business (20,132)
  • Ecology (840)
  • Economy (861)
  • Entertainment (21,735)
  • General (17,281)
  • Health (9,904)
  • Lifestyle (873)
  • News (22,149)
  • People (862)
  • Politics (871)
  • Science (16,070)
  • Sports (21,360)
  • Technology (15,843)
  • World (843)

Recent News

Real-World Data Support Dual Benefit of Biologic Therapy for Hidradenitis Suppurativa – The American Journal of Managed Care® (AJMC®)

Real-World Data Support Dual Benefit of Biologic Therapy for Hidradenitis Suppurativa – The American Journal of Managed Care® (AJMC®)

September 28, 2025
Recession seems far off — that’s the good news. Yet the economy is also far from trouble-free. – MarketWatch

Recession seems far off — that’s the good news. Yet the economy is also far from trouble-free. – MarketWatch

September 28, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

No Result
View All Result

© 2023 earth-news.info

Go to mobile version