Posted 12/31/2023, 3:40:00 PM
Bright Outlook for 2024 Economy as Inflation Eases, Holiday Shopping Booms, and Entrepreneurship Rises
- Higher consumer spending during holidays, real wage gains over past 9 months, and jump in consumer confidence point to good start for 2024 economy
- Inflation has eased substantially in 2023, with gasoline under $3/gallon in over half the states
- Strong Christmas shopping season, with spending up at restaurants, online, and overall retail
- Administration keeping eye on geopolitical risks like Russia-Ukraine war, Middle East conflicts, that could impact inflation
- Big gains seen in new small business startups, especially by people of color, signaling confidence in economy