Economists predict much stronger growth in 2024. Here's why

foxbusiness.com:

Horizon Investments chief investment officer Scott Ladner predicts the Fed will cut rates three to five times throughout 2024.

An influential group of business economists is feeling more optimistic about the trajectory of the U.S. economy in 2024.

The latest National Association for Business Economics (NABE) survey, published Monday, projects stronger growth, a lower unemployment rate and lower inflation – all of which are components of a "soft landing."

The median expectation is that gross domestic product, the broadest measure of goods and services produced in a country, will rise 2.2% this year. That Is a marked increase from the 1.3% figure that the business economists predicted in their previous survey, which was conducted in November. 

THE NUMBER OF HIGH-PAYING JOBS IS DWINDLING

Signage for a job fair is seen on 5th Ave. in Manhattan, New York City, on Sept. 3, 2021. (Reuters/Andrew Kelly / Reuters Photos)

«The NABE Outlook Survey panelists sharply revised upwards their projections for U.S. economic growth in 2024,» said Ellen Zentner, NABE president and chief U.S. economist at Morgan Stanley.

The improvement in the forecast reflects «upward revisions to key sectors of the economy,» including consumer spending, corporate investment, homebuilding and government spending. 

Just one year ago, economists across the board were declaring the economy was headed for a potentially deep and inevitable recession, the result of the Federal Reserve's aggressive tightening campaign. 

AMERICANS IN THESE STATES ARE GETTING A PAY RAISE THIS YEAR

Policymakers have raised interest rates sharply over the past two years, approving 11 rate increases in the hopes of crushing inflation and cooling the economy. In the span of just 16