Material Handling and Economic Outlook for 2024
Article from MHI Solutions Magazine
The year 2023 was one of twists and turns. There were significant tech layoffs, a banking crisis, slowing inflation, Fed rate hikes, elevated geopolitical risks and AI obsession. While some of these events were fortunate breakthroughs, a few took the world by surprise in not-so-welcome ways.
This naturally leads to the question: was 2023 merely the storm before the calm or a sign of more turbulence to come? Looking to the year ahead, there are several positive dynamics for the economy that are conducive to growth. But the plethora of risks loom larger than in 2023.
Labor Market Supports 2024 Outlook
Most important for the outlook in the year ahead is the strength of the U.S. labor market. Job gains were substantial in 2023, and job openings were very high. This is crucial for growth because more than two-thirds of the U.S. economy is driven by consumption. The big secret here isn’t so secret: People with jobs spend money and contribute to economic growth.
