"Economist Predicts Slowing Consumer Spending Growth in 2024"
Chief economist Jack Kleinhenz predicts a slowdown in consumer spending growth in 2024, citing unsustainable factors such as inflation and higher borrowing costs. Despite record-high credit card debt and more consumers carrying balances from month to month, sustained low unemployment has supported spending. However, economists anticipate slower job growth and rising unemployment, impacting consumer expectations and spending decisions. The Federal Reserve's interest rate decisions will play a crucial role in determining borrowing costs and credit conditions, with little improvement expected in credit card APRs.