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(Bloomberg) — Over the last few years, the US economy has consistently defied expectations for a slowdown, and 2024 was no different. Despite uncertainty around a presidential election, elevated interest rates and a cooling labor market, economic growth remained solid this year. The US is set to be the top performer among Group of Seven countries, according to International Monetary Fund projections. Still, the economy was far from perfect. Inflation proved slow to recede, leading the Federal Reserve to embrace a higher-for-longer approach to interest rates. The housing and manufacturing sectors continued to struggle under the weight of high borrowing costs, and consumers with credit-card debt, mortgages and other loans saw rising delinquency rates. Here’s a closer look at how the US economy performed in this year: Consumers Held Up... The answer to why the economy exceeded expectations in 2024 is the American consumer. Even as hiring slowed, wage growth continued to outpace inflation and household wealth reached new records, supporting an ongoing expansion in household spending. Bloomberg Economics forecasters estimate household outlays advanced 2.8% in 2024 — faster than in 2023 and nearly twice their projection at the start of the year. ...But Cracks Emerged... Though consumers are still holding up, some of the main drivers of that remarkable resilience lost steam this year. Americans have mostly exhausted their pandemic savings and have generally been putting aside a smaller share of their incomes each month. Consumer spending has also been increasingly driven by higher earners who are enjoying a so-called wealth effect from gains in housing prices and the stock market. That’s taking place while many lower-income consumers are relying on credit cards and other loans to support their spending, with some showing signs of financial strain like higher delinquency rates. ...Including in the Labor Market The main support for consumer spending also began flashing warning signs in 2024. Hiring decelerated throughout the year and the unemployment rate edged higher, triggering a popular recession indicator. Moreover, the number of job openings declined and the unemployed are increasingly having a harder time finding new jobs. Fed officials began cutting rates in September amid concerns that the job market could be approaching a dangerous tipping point, though they’ve become more optimistic in the final months of the year as the unemployment rate has stabilized around levels that remain low by historical standards. Wage growth, meanwhile, remains steady around 4%, which should keep supporting household finances. Inflation Progress Stalled Progress toward the central bank’s 2% inflation target has stalled in recent months following a swift decline in 2023 and additional progress in the first half of 2024. One of the Fed’s preferred inflation metrics — the personal consumption expenditures price index excluding food and energy — rose 2.8% in November from a year ago. While Fed officials opted to lower rates by a full percentage point this year in an effort to take some pressure off the economy, Chair Jerome Powell has indicated that central bankers need to see more progress on inflation before making additional cuts in 2025. High Rates Hurt the Housing Market... The housing market continued to struggle under the weight of higher borrowing costs. Mortgage rates, which fell to a two-year low in September, have been approaching 7% again on expectations that the Fed will take longer to cut. Contractors continued to offer incentives to lure buyers, including so-called mortgage buydowns and payments on their behalf, as well as occasional price cuts. While sales have stabilized somewhat this year, they remain below pre-pandemic levels. In the resale market — which accounts for a majority of home purchases — the National Association of Realtors anticipates the 2024 sales pace came in even lower than last year, which was already the worst since 1995. ...And the Manufacturing Sector The manufacturing sector was another victim of elevated borrowing costs. Investment in new structures was hindered by high rates and weaker demand abroad, and many firms shed jobs in an effort to save costs. Durable goods manufacturers subtracted from payrolls in all but one month this year. President-elect Donald Trump’s economic agenda could also weigh on the sector in 2025. Though Trump has promised to boost domestic manufacturing, some economists and business groups anticipate his plans to impose higher tariffs, deport millions of immigrants and cut taxes could push up inflation and constrain the labor market, as well as disrupt supply chains. Capital spending by US manufacturers is seen rising at a tepid pace next year amid that uncertainty.A hit West End musical based on a beloved TV sitcom is one of the major events to look out for in January. Peter Andre is set to perform at two Suffolk venues (Image: Sisco Entertainment) When: January 15 Where: Spa Pavilion, Undercliff Road West, Felixstowe, IP11 2DX Cost: £47 Featuring singer Peter Andre the tour shows the nostalgic musical journey from New Jersey to the West End and Broadway and features hit songs like Sherry, Big Girls Don't Cry and Can't Take My Eyes Off You. It is also going to the The Apex in Bury St Edmunds on January 18. READ MORE: 7 of the biggest celebrities spotted in Suffolk in 2024 Sam Lupton takes on the roll of Del Boy (Image: Trevor Leighton) When: January 7 until January 11 Where: Ipswich Regent Theatre, 3 St Helen's Street, Ipswich, IP4 1HE Cost: From £15 Join Del Boy as he sets out on the rocky round to find his soulmate, Rodney and Cassandra prepare to say "I do", and Grandad takes stock of his life and decides the time has finally arrived to get his piles sorted. The musical features cherished material from John Sullivan's much-loved TV show with the original script and score written by his son Jim and comedian Paul Whitehouse. Learn what night is like for wildlife (Image: Gregg Brown) When: January 11 Where: Lackford Lakes, Bury St Edmunds, IP28 6HT Cost: £5 The special event will focus on the thousands of birds which fly in to spend a night on the lakes. Learn about the winter birds of Lackford through family-friendly activities, including a bedtime story for children to enjoy in one of the hides. Street food takeovers are coming to Wrights Cafe (Image: Sarah Lucy Brown) When: January 10 Where: Wrights Cafe, Unit 2, 2, Cornhill, Bury St Edmunds, IP33 1BE Cost: subject to trader Wrights in Bury St Edmunds is hosting pop-up events with street food vendors from across Suffolk. It kicks off with Samu Kitchen which will be serving up plant-based dishes to celebrate Veganuary. READ MORE: Two restaurants shortlisted for national kebab award The comedian will make audiences laugh in Ipswich (Image: Gaby Jerrard) When: January 17 Where: Ipswich Regent Theatre, 3, St Helen's Street, Ipswich, IP4 1HE Cost: £30.80 Omid Djalili's new show Namaste will see him peacefully bow to his inner anger as he unleashes a torrent of comedic vitriol upon the state of the world. The actor and comedian's production company was spotted filming around the University of Suffolk earlier this year.
Paige Spiranac Shares Jaw-Dropping Swimsuit Photo In SnowstormJohn Parker Romo made a 29-yard field goal to lift the Minnesota Vikings to a 30-27 overtime win against the host Chicago Bears on Sunday afternoon. Romo buried the game-winning kick in his third career game for Minnesota (9-2), which won its fourth game in a row. The score capped a 10-play, 68-yard drive for the Vikings after the Bears went three-and-out on the first overtime possession. Sam Darnold completed 22 of 34 passes for 330 yards and two touchdowns to lead the Vikings. Wideout Jordan Addison finished with eight catches for a career-high 162 yards and a touchdown. The overtime defeat spoiled an impressive performance from rookie quarterback Caleb Williams, who completed 32 of 47 passes for 340 yards and two touchdowns for Chicago (4-7). D.J. Moore had seven catches for 106 yards and a touchdown, and Keenan Allen finished with nine catches for 86 yards and a score. Chicago erased an 11-point deficit in the final 22 seconds of regulation to send the game to overtime. Romo had put Minnesota on top 27-16 when he made a 26-yard field goal with 1:56 remaining in the fourth quarter. Williams trimmed the Bears' deficit to 27-24 with 22 seconds to go. He rolled right and found Allen wide open in the end zone for a 1-yard touchdown, and moments later he fired a strike to Moore for a two-point conversion. The Bears recovered an onside kick on the next play to regain possession at their 43-yard line with 21 seconds left. Cairo Santos' onside kick bounced off the foot of Vikings tight end Johnny Mundt, and Tarvarius Moore recovered it. D.J. Moore put the Bears in field-goal position with a 27-yard reception across the middle of the field, and Santos made a 48-yarder as time expired to even the score at 27-all. Minnesota led 24-10 after three quarters. Romo made a 40-yard field goal early in the third quarter, and Aaron Jones punched in a 2-yard run with 1:22 left in the period to put the Vikings on top by two touchdowns. Addison and Jalen Nailor each had receiving touchdowns in the first half for Minnesota. Roschon Johnson scored on a 1-yard run for the Bears' only touchdown of the first half. Chicago trailed 14-10 at the break. --Field Level Media
American Canyon High football loves winning in the rainPLAINS, Ga. — Jimmy Carter, the 39th President of the United States and a Nobel Peace Prize winner whose post-White House life was steeped in fighting for human rights and personally helping build homes through Habitat for Humanity, has died. He was 100. Carter passed away Sunday afternoon in Plains, Georgia, The Carter Center announced . The organization shared in Feb. 2023 that the former president had entered home hospice care. A few months later, the family shared that former first lady Rosalynn Carter was diagnosed with dementia. She passed away in November 2023. While family members have since shared they didn’t expect the former president to go on much longer after Rosalynn’s death, Carter defied expectations and on Oct. 1 became the first U.S. president to live a full century. James Earl Carter, Jr. was born in Plains, Georgia, on Oct. 1, 1924. Peanut farming and devotion to the Baptist Church were mainstays of his upbringing. After graduating from the Naval Academy in 1946, Carter went on to marry Rosalynn Smith. After he served seven years as a naval officer, Carter returned to Plains. He first entered the political world in 1962, serving two terms in the Georgia state senate. Eight years later, Carter was elected governor of Georgia, and held that office from 1971 to 1975. Carter was the Democratic nominee for president in 1976 and went on to defeat incumbent Pres. Gerald Ford in the general election, 297 electoral votes to 240. Carter is the last Democratic presidential nominee to win the states of Alabama, Mississippi and Texas. “I would hope that the nations of the world might say that we had built a lasting peace, based not on weapons of war, but on international policies that reflect our own most precious values,” Carter said in his inaugural address. Among his accomplishments in the Oval Office, Carter helped calm tensions in the Middle East as he facilitated the Camp David Accords, signed by Egyptian President Anwar Sadat and Israeli Prime Minister Menachem Begin in 1978. Carter also created two new cabinet-level departments – the Department of Energy and the Department of Education. But there were controversies, particularly in the final 14 months of his presidency. The Iran Hostage Crisis saw 66 American diplomats and citizens held hostage in the U.S. Embassy in Iran. In an attempt to free the hostages, Carter ordered a military operation that failed, killing eight American servicemen. After 444 days, the hostages were freed on January 20, 1981 -- the day Carter's successor, Ronald Reagan, took office. Carter also ordered a U.S. boycott of the 1980 Summer Olympic Games in Moscow to protest the Soviet Union invading Afghanistan. Sixty other nations also boycotted. The Soviets would return the gesture by boycotting the 1984 Olympics in Los Angeles. Carter lost a bid for a second term to Reagan in what was both an electoral vote and popular vote landslide . After leaving Washington, Carter’s spent his time advancing human rights around the world. In 1982, he established The Carter Center in Atlanta. “I’ve been humbled to get to know people around the world and to see that, in effect, all people on earth are the same in the eyes of God, and should be the same in the eyes of each other – worthy of respect, care and love,” Carter said. His work abroad won him the 2002 Nobel Peace Prize. Carter also continued to give back at home through his involvement with Habitat for Humanity. He also taught Sunday school and was a deacon at the Maranatha Baptist Church of Plains. "We can choose to alleviate suffering. We can choose to work together for peace. We can make these changes — and we must," Carter once said. Carter holds the distinction of living longer than any other former president. He and wife, Rosalynn, also hold the record of the longest-married couple in presidential history – with the couple celebrating their 77th wedding anniversary on July 7, 2023. Carter is survived by three sons, one daughter, 11 grandchildren and 14 great-grandchildren. Next up in 5 Example video title will go here for this video Next up in 5 Example video title will go here for this video