As you gather with your family during the holiday season, there’s a lot to discuss and share when it comes to the performance of the U.S. economy in 2023.
From record-breaking employment numbers to remarkable economic growth, the expectations of many economic forecasts that had foreseen a potential recession have been defied. And let’s not forget the astonishing performance of Nasdaq 100’s tech stocks, which set new records in December.
This year has undeniably delivered a series of extraordinary developments that are worth sharing with your loved ones during these festive holidays. So, let’s delve into 10 economic charts of 2023 that you’ll definitely want to share with them.
There Has Never Been More Employment In The U.S.
The number of employed individuals in the U.S. reached a record high of 161.97 million in November 2023, surpassing pre-pandemic levels by over 3 million employees since February 2020.
U.S. Economy Tops $27 Trillion, Doubling In Size Compared To 2009
The U.S. now boasts a $27 trillion GDP, which has doubled in size since the first quarter of 2009. The country’s economy achieved this milestone during the third quarter of 2023, with an annualized growth rate of 4.9%, marking its most robust expansion since Q4 2021.
Inflation Rate Has Halved In 2023
Inflation has continued to decline rapidly throughout the year. In January 2023, the Consumer Price Index stood at 6.4% year-on-year, dropping to 3.1% by November.
Mortgage Rates Have Eased, But They Remain Elevated
The 30-year average mortgage rate has slightly eased in recent weeks but remains elevated. In October 2023, the cost of home loans reached 7.8%, the highest since 2020, and has only decreased to 6.95% since.
Markets Already Pricing In 1.60% Of Fed Rate Cuts In 2024
Money markets have already factored in 160 basis points of Fed rate cuts in 2024, equivalent to six 25-basis-point reductions. However, the Fed’s latest median projection suggests only 75 basis points of cuts next year.
Americans Beat Inflation: Purchasing Power Has Strengthened
The average hourly earnings of Americans grew by 4% year-on-year in November, surpassing the annual inflation rate of 3.1%. This translates to increased purchasing power for the average American citizen.
Services Sector Has Consistently…
Click Here to Read the Full Original Article at Cryptocurrencies Feed…
