Industry - Country Industry Forecasts - United States
US industrial production growth has been revised up to grow 2.1% in 2024, and gradually cool down in 2025 with 1.5% growth. We expect to see positive sequential quarter-on-quarter growth every quarter this year except for Q4. We continue to believe US Federal Reserve will make the first rate cut in September followed by another in December and more cuts at every other meeting in 2025. Unlike in 2023, the US economy will not see receive a boost from fiscal policy as it is expected to contract in 2024. It has the potential to weigh on the economy by a few 10ths of a percentage point. However, not enough to derail the economy, but it is a reason to anticipate slower growth in 2024.
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