in 2016, the US economy experienced moderate growth, with annual GDP growth rates around 1.6% (USAFacts). By contrast, the economy in 2023 exhibited stronger performance, with an impressive GDP growth rate of 4.9% in the third quarter, driven by robust consumer spending, increased government expenditure, and a rebound in residential investments (USAFacts) (Trading Economics). However, projections for 2024 suggest a slowdown, with expected growth rates around 0.7% due to the fading effects of post-pandemic recovery and tighter monetary policies (J.P. Morgan | Official Website).
Unemployment:
The unemployment rate in 2016 was approximately 4.7% by the end of the year (USAFacts). In recent years, the labor market has shown remarkable resilience. As of December 2023, the unemployment rate was 3.7%, maintaining levels below 4% since early 2022 (USAFacts). This indicates a stronger job market today compared to 2016.
Inflation:
Inflation has been a more significant issue recently. In 2016, inflation was relatively stable, averaging around 1.3% (USAFacts). However, inflation surged in the early 2020s due to various factors, including pandemic-related disruptions and fiscal stimulus measures. By December 2023, the inflation rate had moderated to 3.4%, after peaking much higher in previous years (USAFacts).
Monetary Policy and Interest Rates:
The Federal Reserve's monetary policy has also shifted dramatically. In 2016, the Fed was gradually raising interest rates from the near-zero levels implemented during the Great Recession. In contrast, recent years have seen aggressive rate hikes to combat high inflation, with the federal funds rate projected to stay between 5.25% and 5.5% through mid-2024 before potentially lowering (J.P. Morgan | Official Website).
sure inflation is kinda crappy right now but its the fault of corporations that are seeing recorded high profits in these times
