Quarterly Economic Outlook for Fourth Quarter 2024

This document is a quarterly economic outlook report for the fourth quarter of 2024, authored by James R. Solloway, CFA, Chief Market Strategist and Senior Portfolio Manager. It discusses the economic landscape following the recent elections, highlighting the shift from election-year uncertainty to policy uncertainty. U.S. equities showed strong performance, with large-cap stocks rising by 6% and small-cap stocks by nearly 8% post-election. The report outlines expectations for U.S. economic growth, which is projected to be healthy at 2% to 2.5% for the upcoming year, despite previous concerns about high interest rates impacting consumer spending. The document includes various economic indicators, such as GDP growth rates and labor market conditions, comparing the U.S. performance with that of other countries, particularly in Europe. It also addresses the challenges faced by European economies, including high energy costs and manufacturing reliance. Overall, the report provides a comprehensive analysis of the economic outlook for the U.S. and its global context.