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here will be tests in the final- mile space going into 2024 . Recovery , recession and resilience are the foremost talking points dominating different segments of the macroeconomy . While service spending has kept the U . S . economy afloat in mid-2023 , avoiding back-to-back quarters of contraction in gross domestic product ( GDP ), that does not mean that segments are safe from recession . The ongoing freight recession will not show up on many macro indices that services and experiences will influence . The U . S . economy is not in unison , with some areas showing signs of recovery . For example , the housing market for new construction showed signs of bottoming , with the three-month moving average improving on a year-over-year ( y / y ) basis . However , recession is still very much alive and well within the freight market . Despite the perceived resilience coming from the American consumer , there are apparent signs of concern when taking credit utilization , savings rates and ongoing inflation into account .
Recessionary trends have hit various segments of the macroeconomy in 2023 without slowing down the U . S . consumer too much . However , a weaker labor market , mounting debt , increasing delinquency rates and return of student loan payments will all come into play . Many do not see inflation as a threat now that the rate of growth has retreated from highs reached in 2022 , but it will continue to be a factor in 2024 .
Elevated interest rates will also play into 2024 . There will be lagging effects from the increases throughout 2023 , and this will also play a
role in slowing overall consumer activity .
The labor market held throughout much of 2023 with the common theme through most of the employment data showing high demand for labor within leisure and hospitality as consumers made experiences a priority . Despite the high number of jobs going unfilled , the rates of hiring and quitting have returned to pre-pandemic levels . The labor market will be a concern in the first half of 2024 . Mounting financial concerns for consumers , spending on services will likely play a larger role going into this holiday season . The labor market is holding for the time being . The current demand for labor will be dependent on the
TOTAL JOB OPENINGS : BLUE LINE / REVOLVING CREDIT UTILIZATION : ORANGE LINE
fall 2023 I customized logistics & delivery Magazine 21