The fourth-quarter growth figures indicated a slowdown from earlier periods. Consumer and government spending increased, but the economy faced challenges from a higher trade deficit and decreased business investment. Despite these factors, housing activity rebounded after a slump. Overall, annual growth for 2024 was estimated at 2.8%, a slight decline from 2023's 2.9%. The Federal Reserve's decision to cut interest rates signaled a response to receding inflation and a slight increase in unemployment, reflecting a cautious but optimistic outlook amid uncertainties resulting from policy changes.
We see things as in a really good place for policy and for the economy. We feel like we don't need to be in a hurry to make any adjustments.
Last year was yet another period that defied economists' growth expectations. But either way you measure growth last year, it was still slower than 2023.
Consumer spending and government spending picked up pace, though the higher trade deficit and a slowdown in business investment weighed on growth.
About that 2022 'technical recession'.
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