Americans are struggling economically going into 2024, as harsh economic conditions in 2023 drained savings accounts, with factors like ever-rising prices and high-interest rates weighing down consumers.
U.S. recession predictions are mixed going into 2024, with some credible sources like Deutsche Bank and Société Générale predicting a recession in the new year, while others are optimistic about the possibility for the Federal Reserve to achieve a soft landing, which could lead to future rate cuts. No matter the future of the U.S. economy, average Americans’ wallets took a hit in 2023 from factors like inflation, home prices, and declining savings.
