Report: State of the Economy, February 2024

Published: February 29, 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.

In February, economic growth and job creation outperformed economists’ expectations, likely giving confirmation to the Federal Reserve that it remains too early to begin cutting rates.

Data highlights from this month’s report include:

  • U.S. real GDP rose 3.3% in Q4 2023, driven by consumer spending and bringing the average annual 2023 growth to 2.5%, the same as the five-year average growth prior to the pandemic.
  • The labor market maintained its strength, with 353,000 jobs added this month and unemployment holding at 3.7% for the third month in a row.
  • Consumer sentiment rose 13% in January, following a 14% increase in December, as consumers are feeling some relief from cooling inflation.

Check out our report for a deep dive into the rest of February’s data, including inflation, the latest Federal Reserve announcement, the housing market, and credit card balances.

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.

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

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