How Is the Economy Doing?
The current economy is defined by strong economic growth, a softening labor market and slowing inflation.
The state of the U.S. economy is strong despite inflation remaining elevated. The economy is expanding at a crisp pace, the labor market is loosening slightly and inflation is slowing from its peak. The Federal Reserve looks at several economic indicators — along with the stock market — to form a better picture of the economy and make decisions on interest rates.
Is the U.S. economy growing?
Q3 2024 Real GDP: 2.8%
What is the U.S. unemployment rate?
October unemployment rate: 4.1%
How fast are wages growing?
Wage growth rate: 4.6%
Is inflation going down?
October CPI Inflation rate: 2.6
The state of the economy is generally strong and inflation is slowing down, but still remains elevated. The Federal Reserve is looking at key economic indicators to signal it’s time to cut rates.
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