In 2024, the economy is expected to continue to grow strongly. Economic growth is likely to be driven by inflation and increased demand. Inflation is expected to remain around 2-3% while interest rates may remain low.
Housing is likely to remain a hot topic, as expensive home prices are still outpacing wage increases in many parts of the country. This could be offset by an increase in federal subsidies or tax credits for first time homebuyers.
Consumers should also continue to expect low unemployment and job growth. The labor market is expected to remain tight throughout the year, with job openings outpacing the number of job seekers.
The stock market is likely to remain volatile with the potential of some long-term volatility due to global trade tensions and potential economic slowdown in some countries.
Finally, the U.S. dollar is expected to remain strong, due to the nation’s low rate of inflation, and high levels of foreign and direct investment. This could lead to strong U.S. exports and imports and provide a cushion for an otherwise uncertain economic future.
