Here’s the economic “in” and “out” list of 2024
Out with the old and in with the new. That’s the theme when the year turns over. For 2024, people are taking their lists of what’s “in” and what’s “out” to social media — maybe you’ve seen them floating around your feed. Today we’re making a list of our own: what’s “in” and “out” when it comes to the economy.
Sean Snaith has his personal list of what’s in and out this year. At the top of what’s in? A goal we all know well: He wants to exercise more.
“This is a form of shaming on a national scale. Perhaps that will make me go to the gym,” he said.
That’s one of his promises to himself for 2024. But Snaith, who directs the Institute for Economic Forecasting at the University of Central Florida, said his economic in and out list is more about predictions. And he thinks this year looks a little clearer.
“The widespread belief that the U.S. economy is heading into a recession seems to be out,” he said.
That out depends on some other ins and outs. For example, Snaith said high levels of consumer spending? Out. What’s also out?
“Workers having the strong upper hand over employers,” he added.
Meanwhile Carola Binder, an economist at Haverford College, has a sense for what’s on the list at the Federal Reserve.
“Out with the rate hikes and potentially in with the rate cuts,” she said.
These are pretty positive visions for 2024. Though, like any intentions we set at the beginning of the year, hurdles can get in the way. Like oil, Binder said.
“Oil prices were relatively stable in 2023, and it seems unlikely that we’ll have that much good luck in 2024,” she said.
That’s partly because of potential disruptions from the Israel-Hamas war. Which touches on one more unfortunate in from economist Francesco Bianchi at Johns Hopkins University: geopolitical uncertainty.
“2024 will be a very stressful year in terms of exactly what kind of global economy we’re going to have going forward,” he said.
Global conflicts, ongoing trade tensions, elections both here and abroad. A lot is happening this year — just don’t let yourself use that as an excuse to skip the gym.
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