Report: State of the Economy, April 2024

Published: May 1, 2024 by Josee Farmer

This series will dive into our monthly State of the Economy report, providing a snapshot of the top monthly economic and credit data for those in financial services to proactively shape their business strategies.

During their March meeting, the Federal Reserve announced no change in the federal funds rate and released their updated Summary of Economic Projects for the remainder of 2024 and 2025. In response to slow but steady cooling inflation, they maintained projections for three rate cuts by the end of 2024. Additionally, they upgraded their growth projections and lowered their unemployment projections, signaling more optimism toward the U.S. economic trajectory. In this month’s report, we dive into the data developments that are contributing to this economic story.

Data highlights from this month’s report include:

  • The Federal Reserve held rates steady and maintained projections for three rate cuts by the end of the year.
  • Inflation progress slowed, with annual headline inflation flat and annual core inflation ticking up from 3.2% to 3.5%.
  • The median rent-to-income ratio increased 4.1% year-over-year to 37.9% nationally.

Check out our report for a deep dive into the rest of April’s data, including the latest trends in income, originations, and job creation.

To have a holistic view of our current environment, we must understand our economic past, present, and future. Check out our annual chartbook for a comprehensive view of the past year and register for our upcoming macroeconomic forecasting webinar for a look at the year ahead.

Download April’s State of the Economy report  Register for webinar

For more economic trends and market insights, visit Experian Edge.

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