Reported 4 days ago
In 2024, the US economy continued to outperform expectations despite high interest rates, inflation, and a cooling labor market. Strong consumer spending, bolstered by wage growth and accumulated household wealth, played a critical role in this resilience. However, cracks began to show as pandemic savings dwindled, consumer debt increased, and job growth slowed, raising concerns about the stability of the job market. Moreover, both the housing and manufacturing sectors faced challenges due to elevated borrowing costs, leading to predictions of further economic constraints in the near future.
Source: YAHOO