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Classified in: Business
Subjects: SVY, ECO

BMO Blue Book: U.S. Economy is Resilient but Predicted to Slow in Early 2024


CHICAGO, Oct. 17, 2023 /PRNewswire/ - According to a new report from BMO Blue Book, while the U.S. economy is remaining resilient, amid aggressive monetary tightening, it is predicted to slow in early 2024.

The BMO Blue Book combines the expertise of BMO Economics with insights from BMO's Commercial Bank leaders on the state of the U.S. economy as a whole and on 11 local regions ? Northern California, Southern California, Pacific Northwest (Washington and Oregon), Arizona, Colorado, Texas, Minnesota, Wisconsin, Illinois, Indiana, and Florida.

"The U.S. economy remains resilient, with real GDP appearing to have picked up to a 4.5% annualized rate in Q3 from 2.1% in Q2. That is not to be expected following the most aggressive course of monetary tightening in four decades," said Michael Gregory, Deputy Chief Economist, BMO. "However, the economy looks to decelerate next year. High borrowing costs and rising home prices have sent affordability to the worst levels in nearly 40 years."

"In many ways it's a tale of two economies, with slowing consumer spending negatively impacting certain areas of the economy such as retail and consumer finance, while other pockets like manufacturing and distribution are still positive," said Ray Whitacre, Head, BMO Commercial Bank, U.S. "BMO has helped its commercial clients navigate all economic cycles for over 200 years and we are uniquely positioned to continue to help our clients in these challenging times."

The BMO Blue Book covers key regions including:

Northern California:

Southern California:

Colorado:

Texas:

Wisconsin:

Illinois:

Florida:

To view the full report, visit: BMO Blue Book: Economic and Business Outlook

 About BMO Financial Group

BMO Financial Group is the eighth largest bank in North America by assets, with total assets of $1.25 trillion as of July 31, 2023. Serving customers for 200 years and counting, BMO is a diverse team of highly engaged employees providing a broad range of personal and commercial banking, wealth management, global markets and investment banking products and services to over 13 million customers across Canada, the United States, and in select markets globally. Driven by a single purpose, to Boldly Grow the Good in business and life, BMO is committed to driving positive change in the world, and making progress for a thriving economy, sustainable future, and inclusive society.

SOURCE BMO Financial Group


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