Forget the Wave, start paddling: ITR Economics’ Taylor St. Germain offers a concise look ahead at 2024 using three key economic indicators that directly, or indirectly affect all of us. Check out his executive summary of the recent history, and recent future, of US Industrial Production (mining, manufacturing, and utilities), inflation (and interest rates), and the labor market. He thinks the road ahead isn’t great but it’s not bad either….but if you’ve been coasting on the wave of the post-Covid economy, it’s time to start paddling. Check out his recent video “Reviewing 2023 and Looking Ahead.”
This just in on labor markets: Friday saw another strong jobs report which is good news for employees but may cause the Fed to rethink rate cuts if they believe the job growth portends more inflation. “Expect continued job growth for the next few months, but a weakening and recessionary labor market is heading our way.“ Here’s a quick one page analysis.
At least one bright spot: Economist Brian Wesbury is not as sanguine on the economy as Mr. St. Germain, but he does see a bright spot in another area we all have an interest in. Take a minute for his one page summary of the Housing Outlook 2024.
