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Report: State of the Economy, March 2024

Published: March 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.

As we near the end of the first quarter, the U.S. economy has maintained its solid standing. We’re also starting to see some easing in a few areas. This month saw a slight uptick in unemployment, slowed spending growth, and a slight increase in annual headline inflation. At the same time, job creation was robust, incomes continued to grow, and annual core inflation cooled. In light of the mixed economic landscape, this month’s upcoming Federal Reserve meeting and their refreshed Summary of Economic Projections should shine some light on what’s in store in the coming months.

Data highlights from this month’s report include:

  • Annual headline inflation increased from 3.1% to 3.2%, while annual core inflation cooled from 3.9% to 3.8%.
  • Job creation remained solid, with 275,000 jobs added this month. Unemployment increased to 3.9% from 3.7% three months prior.
  • Mortgage delinquencies rose for accounts (2.3%) and balances (1.8%) in February, contributing to overall delinquencies across product types.

Check out our report for a deep dive into the rest of March’s data, including consumer spending, the housing market, and originations.

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 download our latest forecasting report for a look at the year ahead.

Download March’s State of the Economy report  Download latest forecast

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

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