US economy remained at a comfortable cruising speed at the end of 2024, powered by healthy consumer spending.
The Federal Reserve’s first policy meeting of Donald Trump’s second presidency will likely not include a rate cut.
The US economy remained at a comfortable cruising speed in the final stretch of 2024, powered by healthy consumer spending and creating even more separation from its global counterparts. GDP stats are projected to show personal consumption of goods and services exceeded a 3% annualized pace for a second straight quarter, fueled by a strong labor market. That helps to explain how the US continues to outperform advanced economies in Europe and around the world.
Monthly US household spending figures on Friday will likely point to momentum heading into 2025. Economists also expect the personal income and spending report to show a slight pickup in the Fed’s preferred inflation gauge from a month earlier.
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