Economy Shows Momentum Heading into 2024 Despite Lingering Inflation Worries
• Higher consumer spending, real wage gains, and increased consumer confidence point to economic momentum in 2024 • Inflation has eased substantially from over 6% at the beginning of 2023 to 3.1% in November • Gas prices are down, with the national average possibly dropping to $3.38/gallon in 2023 • Retail spending rose 3% from Nov 1st to Christmas Eve, with big jumps in restaurant, online, and overall retail spending • Biden administration is keeping an eye on rising credit card debt but sees it as a return to normal as wealth, especially among people of color, offsets increases