![]() ![]() Real disposable personal income growth is flat, pandemic savings are dwindling, and household debt is rising. However, this trend cannot hold, in our view. US consumer spending has held up remarkably well this year despite elevated inflation and higher interest rates. We forecast that real GDP will grow by 2.2 percent in 2023, and then fall to 0.8 percent in 2024. This outlook is associated with numerous factors, including, elevated inflation, high interest rates, dissipating pandemic savings, rising consumer debt, lower government spending, and the resumption of mandatory student loan repayments. The Conference Board forecasts that US economic growth will buckle under mounting headwinds early next year, leading to a very short and shallow recession. ![]() The Conference Board Economic Forecast for the US Economy Human Capital Benchmarking & Data Analytics.CED Distinguished Leadership Awards Celebration.2023 Merger Integration Conference - New York. ![]()
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