From CNBC:

In 2023, the U.S. economy had a strong year despite concerns about inflation. The job market remained resilient, with 200,000 jobs created in December and the unemployment rate holding steady at 3.7%. Consumer spending also remained robust, with retail sales staying above $600 million for most of the year.

Inflation cooled in 2023, and wages rose throughout the year, outpacing price increases. U.S. consumers were in a mood to spend, with travel rebounding and the Thanksgiving holiday period breaking U.S. records for the number of passengers screened by the TSA. Americans also spent on entertainment, with the U.S. box office making a comeback from its Covid-19 pandemic lows.

Assets such as crypto saw a rebound in 2023, with bitcoin prices ending the year at almost three times their previous low.

The Federal Reserve tempered its war on inflation in 2023 and only raised rates at four of its eight meetings. Chair Jerome Powell’s recent comments have Fed watchers optimistic that rate cuts may be coming in 2024. Mortgage rates remain high, and existing home sales are low. These issues are likely to persist into 2024.



Read more: The 2023 U.S. economy, in charts