PNC – National Economic Outlook, Dec 2024
Summary
The main theme of the report is the economic forecast for the United States at the end of 2024 and the beginning of 2025.
Key findings include a recovery in employment growth in November to 227,000 jobs after the impact of hurricanes and strikes. The unemployment rate slightly increased to 4.2%, but remains within the range that the Federal Reserve considers consistent with 'maximum employment'. Real GDP growth was revised upwards to 3.1% in the third quarter, with consumer spending, government spending, and business investment as the main growth drivers. The Federal Open Market Committee reduced the federal funds rate by 25 basis points, indicating a more gradual approach to monetary policy easing in 2025.
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