Fannie Mae's Economic and Strategic Research (ESR) Group released its October 2024 commentary, projecting U.S. economic growth to expand by 2.3% in 2024. This forecast indicates a smaller degree of slowing compared to the 3.2% pace recorded in 2023.
The upward revision to the growth forecast followed annual adjustments to the national accounts and an improvement in payroll employment growth during August and September. The ESR Group concluded that the economy is on firmer footing than previously thought.
This economic outlook is significant for Fannie Mae as it influences mortgage demand, credit performance, and overall business volumes. A more stable economic environment, even with decelerating growth, supports the health of the housing market and Fannie Mae's operations.
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