Here’s what you need to know about the economic outlook for 2024.

The conversation around a possible recession has been particularly prominent in the last two years. Just over a year ago, industry experts were bracing for an impending recession in the following twelve months. However, contrary to expectations, that scenario hasn't materialized. Now, the consensus among these experts has shifted significantly. The majority are now confident that we won't be heading into a recession anytime soon.

In early 2023, a staggering 61% of analysts were convinced that a recession was imminent, while only 39% remained optimistic. Fast forward to the present day, and the tables have turned. Surveys now reflect a reversal, with 61% expressing confidence in avoiding a recession, and 39% maintaining concerns.

What's driving this newfound optimism? Primarily, it's the remarkably low unemployment rates. Currently hovering below 4%, these rates are significantly lower than the 75-year average of 5.7%. Even during the aftermath of the 2008 financial crisis, unemployment peaked at 8.3%. This robust employment landscape offers a strong foundation for economic stability.

“The consensus among these experts has shifted significantly.”

But what does this mean for the housing market? With the majority of Americans steadily employed, the likelihood of a foreclosure crisis is diminished. Consequently, home prices are expected to continue their upward trajectory, supported by sustained low inventory levels.

So, what implications does this hold for you and your family? If you're pondering the effects on your financial future, I invite you to reach out for a conversation. Understanding how these economic trends might impact your circumstances is crucial for making informed decisions.

Feel free to email me at sold@veenstrateam.com or give me a call at 269-350-5514. Let's navigate these economic waters together.