Report: State of the Economy, May 2024

Published: May 22, 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.

After again announcing no change in the target fed funds rate during their May meeting, the Federal Reserve continues to face the decision of when to begin cutting rates. The economic data released this month only complicated this decision, as growth came in well-below expectations and the labor market seemed to ease on several fronts. However, there was only minimal downward progress in inflation, especially considering the high prices seen over the past few months. In this month’s report, we dive into the data developments that comprise this economic story.

Data highlights from this month’s report include:

  • Economic growth in Q1 came in at 1.6%, under economists’ expectations. Underlying components of consumer spending and business investment remained solid.
  • Inflation cooled in April, with annual headline inflation down from 3.5% to 3.4% and annual core inflation down from 3.8% to 3.6%.
  • Consumer sentiment fell 13% in May, due to stubborn inflation, low growth, and easing in the labor market.

Check out our report for a deep dive into the rest of this month’s data, including the latest trends in job creation, spending, and the fed funds rate.

Download May’s State of the Economy 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 team of experts discuss the latest economic and credit trends in the recording of our latest macroeconomic forecasting webinar, download our latest forecast scenario report, or listen to our latest Econ to Action podcast for views on the economic environment in different market segments.

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

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