US Economy Surprised Again in 2024 Despite Fed, Election Drama
- Growth is set to top G-7 peers amid solid consumer spending
- Hiring slowed as borrowing costs curbed housing, manufacturing
Americans have mostly exhausted their pandemic savings and have generally been putting aside a smaller share of their incomes each month.
Photographer: Yuki Iwamura/BloombergThis article is for subscribers only.
Over the last few years, the US economy has consistently defied expectations for a slowdown, and 2024 was no different.
Despite uncertainty around a presidential election, elevated interest rates and a cooling labor market, economic growth remained solid this year. The US is set to be the top performer among Group of Seven countries, according to International Monetary Fund projections.