US economic output hits highest level since April 2022 amid 'greater optimism' among businesses

Published On Nov 22, 2024, 11:10 AM

The US economy has shown significant growth, with the S&P Global's flash US composite PMI reaching 55.3 in November, the highest since April 2022. This increase reflects a notable expansion in business activity, primarily driven by the services sector, which reported its best performance in 32 months. Economists forecast a solid economic growth rate of 2.6% for the fourth quarter of 2024 and 2.5% for 2025, buoyed by optimism surrounding lower interest rates and the incoming Trump administration. Additionally, inflationary pressures are easing, with indications of consumer inflation remaining below the Federal Reserve’s target.

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Positive

With optimism surrounding business growth and lower interest rates, sectors that benefit from consumer spending and capital investments are likely to see positive performance. The anticipated growth in GDP suggests stronger business confidence and spending which could favor the overall market, particularly in sectors like Consumer Discretionary and Technology.

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