The U.S. economy saw robust growth in the second quarter of 2024, with inflation easing despite solid growth in domestic final sales, according to the latest economic forecast update from the Wisconsin Department of Revenue (DOR).
The August S&P Global national forecast projects stronger economic growth and a lower peak in unemployment than previously anticipated, driven largely by the unexpectedly strong performance in the second quarter. As the labor market gradually cools, the forecast expects inflation to steadily decelerate.
In Wisconsin, employment is forecasted to grow by 0.8% in 2024, according to the DOR. The state’s unemployment rate stood at 3% in Q2 2024 — significantly lower than the national average of 4%. The DOR projects Wisconsin’s unemployment rate to peak at 3.6% by 2027, compared to the national peak of 4.6%.
The forecast also anticipates nominal personal income to grow 4.3% in 2024. As inflation slows, the DOR expects real personal income to increase by 1.7% in 2024. See the report.