How will the US economy fare in 2024?
People walk past the New York Stock Exchange on the first day back since the Christmas holiday in New York City. (AFP)
What are the predictions for the performance of the US economy in the year 2024? Will it be a year of economic growth or recession? And how will the status of the US economy next year affect the outcome of the presidential elections in November?
The American economy is likely to slow in early 2024 because consumer spending is going to score low figures. Inflation is still high. Inflation this year was less severe than the previous year. However, it is still burdensome on the income of most US households. The typical economic rule is that when inflation is high, consumers slow their spending to save money. Weak consumer spending relates to negative or low rates of economic growth, according to a study conducted by the…
