U.S. Annual Gross Domestic Product (GDP)

GDP growth forecasts have been revised upwards with each incoming piece of data.

Predictions at the beginning of the year showed economic growth slowing to around 1% as inflation remains stubbornly high. This has not come to pass, and the Federal Reserve has hinted that they plan to cut interest rates sometime this year. Inflation has moderated and the labor force continues to grow, and causing forecasters to now predict a roughly 2.5% increase in GDP over 2024. The economy seems on track to achieve its elusive “soft landing,” where inflation moderates without a massive spike in unemployment, sometime this year. Forecasts will continue to change with new data, but if current trends hold this year should see modest growth.

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