The incoming data continues to show a strong US economy with tailwinds from data center spending, AI spending, defense spending, and government spending via the CHIPS Act, the IRA, and the Infrastructure Act.
Combined with additional tailwinds to growth from high stock prices, high home prices, high crypto prices, Fed cuts, higher animal spirits, and potential Trump policies, the bottom line is that the US economy is entering 2025 on a firm footing.
With GDP currently at 3.1% and core inflation at 3.2%, we continue to worry more about upside risks to growth and inflation.
Our latest chart book with daily and weekly indicators for the US economy is available here.
Note: Filings are for companies with more than $50 million in liabilities. For week ending on January 16, 2025. Source: Bloomberg, Apollo Chief EconomistSource: Challenger, Gray & Christmas; Haver Analytics; Apollo Chief Economist
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