The US economy wrapped up 2024 with a bang, reaching its highest output in almost three years, according to S&P Global's flash US composite PMI. The index, which reflects both services and manufacturing activities, climbed to 56.6 in December from 54.9 in August, surpassing economic expectations, moving up to 55.1.
Following the Presidential Election, the outlook for the year ahead is optimistic. Survey respondents anticipate a more business-friendly Trump administration, with expectations of looser regulations and heightened protectionism. However, some companies, particularly in manufacturing, are concerned about weak demand and the potential for tariffs to drive up inflation.
With the Trump administration's business-friendly policies, such as tax reform and national protectionism, it is likely that the economy will continue to grow steadily. Increased consumer spending will lead to more capital gains for businesses, and lenders will be more willing to provide loans.
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