Report: State of the Economy, January 2024

Published: January 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. 

As 2024 unfolds, the economy is beginning to shift from last year’s trends. Instead of focusing on rate hikes, we’re looking at the potential for rate cuts. Our labor market is beginning to ease, and inflation is moving closer to the Federal Reserve’s 2% mark.

Each month’s data gives us a clearer picture of our economic trajectory and the Federal Reserve’s (Fed) policy moving forward, as well as new and direct implications on credit metrics. Data highlights from this month’s report include:

  • The U.S. economy added 216,000 jobs in December, but after November and October levels were revised, three-month average job creation now sits below the pre-pandemic level.
  • While there was no change in November, annual core inflation, which excludes the volatile food and energy components, cooled in December from 4.0% to 3.9%.
  • Consumer sentiment rose 14% in December, reversing the past four monthly declines, driven by increased optimism toward the trajectory of inflation.

Check out our report for a deep dive into the rest of this month’s data, including student loans, consumer spending, the housing market, and delinquencies.

To have a holistic view of our current environment, we must understand our economic past, present, and future. Keep an eye out for this year’s chartbook for a comprehensive view of the past year and download our latest forecast for a view of what’s to come.

Download report View forecast

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

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