This series will dive into our monthly State of the Economy report, providing a snapshot of the top monthly economic and credit data for those in financial services to proactively shape their business strategies.
During their September meeting, the Federal Reserve made a highly-anticipated announcement to cut rates for the first time since 2020. Fed officials cut rates by 50bps, while also penciling in an additional 50bps of cuts for 2024 and 100bps of cuts in 2025 in their Summary of Economic Projections. While rates are coming down and inflation continues to cool, there were downward revisions to job creation made in August and declining job openings in July.
Data highlights from this month’s report include:
- The Federal Reserve announced a 50bps rate cut during the September meeting.
- Annual headline inflation cooled from 2.9% to 2.5%, getting closer to the Fed’s 2% goal.
- Mortgage originations increased 7.0% in August.
Check out our report for a deep dive into the rest of this month’s data, including the latest trends in job creation, retail sales, and consumer sentiment.
As our economy continues to fluctuate, it’s critical to stay updated on the latest developments. Subscribe to our new series, The Macro Moment, for economic commentary from Experian North America’s Chief Economist, Joseph Mayans, and download our new Lending Conditions Chartbook for additional insights.
For more economic trends and market insights, visit Experian Edge.
