U.S. Economy in 2024
The U.S. economy closed out 2024 with steady growth driven by consumer spending, despite challenges in business investment and global trade. Rising consumer confidence post-election and stable labor market were key factors. Housing market showed signs of revival, but business investment slowed. Inflation remained a challenge. Uncertainty over trade policy and government spending could shape growth in 2025.
Key Points
- Consumer spending drove economic growth
- Rising consumer confidence post-election
- Stable labor market and low unemployment rate
- Housing market revival with falling mortgage rates
- Business investment slowed due to uncertainty
- Inflation remained a challenge
- Uncertainty over trade policy and government spending could shape growth in 2025
Pros
- Steady economic growth driven by consumer spending
- Stable labor market with low unemployment
- Signs of revival in the housing market
Cons
- Slowed business investment
- Inflation challenges
- Uncertainty over trade policy and government spending