2.8% Growth Vs. 28% Recession Risk The New Economic Landscape In 2024

finance
Created 7/25/2024
Updated 7/25/2024

The US economic landscape in 2024 looks brighter, with GDP growth at 2.8% and a reduced recession risk of 28%, down from over 50% last year. The Federal Reserve's efforts to control inflation seem successful, achieving a rare "soft landing" where inflation is tamed without triggering a recession. Business investments, particularly in semiconductors and data centers, and increased government spending have driven this growth. While consumer spending is steady, residential construction and foreign trade lag. The Fed might delay interest rate cuts until September, despite inflation still above their 2% target. Immigration has likely boosted employment, contributing to overall economic resilience.

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