The overall impact on the pancake situation is not significant.
In 2024, the growth rate of the U.S. economy has slowed down overall, but it remains at a relatively high level. The unemployment rate rose from 3.7% in January to 4.3% in July, but then fell back to a low of 4.1%.
The monthly increase in non-farm payrolls in the U.S. has fluctuated but saw significant volatility in September and October.
As the U.S. consumer price index decline from 3.5% in March to 2.5% in August, the Federal Reserve implemented a substantial interest rate cut of 50 basis points in September, initiating a new rate-cutting cycle.
However, inflationary pressures in the U.S. remain, and there is still a distance to the Federal Reserve's target of 2%.
