Hardwood Floors June/July 2024

INDUSTRY INSIGHTS

MARKET MATTERS

CITIES 2

ADOBESTOCK ©

In his classic novel “A Tale of Two Cities,” Charles Dickens’ opening line is a perfect metaphor for the current state of the U.S. economy: “It was the best of times, it was the worst of times.” Your view of the nation’s current economic situation depends on where you are financially. Several contradictory forces are acting on the U.S. economy as it moves at a slowing pace before rebounding to trend growth (+2.0 percent) at the start of 2026. Among the contradictory forces holding the economy back are inflation, a weakening U.S. dollar, and immigration. STRENGTHS OF THE U.S. ECONOMY INCLUDE: • Overall inflation growth is slowing (+3.1 percent year over year in November 2023), though it still remains slightly above the historical average of two percent. By 2025, overall inflation should fall to 2.4 percent per annum and remain falling to 2 percent by 2028.

A TALE OF

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