US Economy Beats Expectations with Steady Growth Forecast Through 2024
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The US economy is beating expectations, with GDP growth of 2.1% projected in 2024 and just a 15% chance of recession. Consumer spending is expected to grow with rising disposable incomes.
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The Fed is likely to keep interest rates steady through 2024 before gradual cuts to support growth. The economy seems on track for a soft landing without increased unemployment.
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Major companies like Adobe, Visa, and Johnson & Johnson are contributing to economic growth through new AI tools, payment platforms, and medical devices.
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The 15 states with the strongest 2022 GDP per capita are Texas, Oregon, Florida, Pennsylvania, Minnesota, Virginia, Illinois, Maryland, Colorado, Washington, Connecticut, California, New York, Massachusetts, and New Jersey.
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The top 5 states with the highest 2022 GDP per capita are Connecticut at over $82k, followed by California, New York, Massachusetts, and New Jersey - all over $75k.