3/2/2024 0 Comments Budget near meLast December, the private consensus for real economic growth as measured by the Blue Chip Economic Forecast was negative 0.1% for the year. Growth was stronger than expected a year ago.ĭefying pessimistic forecasts, US economic growth has progressed at a significant pace over the course of 2023. Nevertheless, there is more work to do to lower costs for American families and ensure Americans feel the benefit of continued real wage growth, a strong labor market, and declining inflation. At the same time, the data show that the historic public investments that make up the Biden-Harris Administration’s economic agenda in critical sectors for future growth, resiliency, and security are beginning to come to fruition. Taken together, they depict an economy characterized by robust growth driven by strong consumer spending backed by robust and steady job growth, growing real wages, and historic gains for women and Black workers. This blog post highlights ten trends that capture some of the most important economic developments of the past year. Many forecasters predicted a recession at the year’s outset, some even asserting it with a 100% probability. The US Economy defied expectations in 2023.
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