The U.S. economy embarked on a rollercoaster ride in 2023, grappling with high inflation, soaring interest rates, wars abroad, and a shaky banking sector. The inflation rate is slowing down but American consumers are still paying 18% to 20% more for "just about everything", vox populi. According to the latest Bankrate survey, a staggering 63% of Americans don't believe they will see any improvement in their financial situation in 2024. Although the U.S. economy has shown resilience in the face of numerous challenges, many analysts predict a significant slowdown in the coming months, with some even anticipating a recession. We forecast at least two-quarters of negative growth that will be broadly felt across the economy. |
Buckle Up for a Bumpy 2024, Economists Say
Inflation, interest rates, tight housing supply, and an election year: Analysts are divided on which direction the economy will shake out this year.
Jan. 7.– The U.S. economy embarked on a rollercoaster ride in 2023, grappling with high inflation, soaring interest rates, wars abroad, and a shaky banking sector.
This time last year, the U.S. economy was bracing for an impending recession. Concerns about a recession persisted through 2023, particularly following the banking turmoil in the second quarter, which witnessed a 1930s-style bank run on Silicon Valley and First Republic Banks.
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