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Report: State of the Economy, June 2024

Published: June 20, 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 June meeting, the Federal Reserve continued to hold rates steady and released an updated Summary of Economic Projections. In this update, the committee reduced 2024 rate cut projections from three to one and increased their year-end inflation expectations. Both of these updates were likely driven by a lack of downward progress in inflation in Q1. But as the Federal Reserve extends the period of restrictive rates, it places more weight on each monthly economic data release to inform the Fed’s next move.

Data highlights from this month’s report include:

  • Job creation exceeded economists’ expectations with 272,000 jobs added in May.
  • Inflation cooled in May, with annual headline inflation down from 3.4% to 3.3% and annual core inflation down from 3.6% to 3.4%.
  • Auto loan amounts decreased in Q1 as inventories continue to stabilize.

Check out our report for a deep dive into the rest of this month’s data, including the latest trends in delinquencies, spending, and the new housing market.

Download June’s report 

To have a holistic view of our current environment, it’s important to view the economy from different angles and through different lenses. Watch our experts discuss the latest economic and credit trends in the recording of our latest macroeconomic forecasting webinar and listen to our latest Econ to Action podcast.

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

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