"The first year of the Biden presidency (2021) saw strong growth in real GDP, wages, employment, stock market returns, and household net worth, coupled with an increase in inflation, as the economy recovered from the pandemic recession of 2020. During 2022–2023, the unemployment rate averaged 3.6%. By April 2024, the unemployment rate had remained below 4.0% for the longest sustained period since 1953.\3])\4]) Monthly job creation averaged a robust 402,000 from inauguration through February 2024, or 273,000 from June 2022, when the pre-pandemic jobs level was regained.\5]) However, past this point unemployment continued to increase to 4.3% in July 2024.\3])Inflation increased up to 9.0% (measured vs. a year earlier) in June 2022, then began falling. By June 2023 inflation was 3.1% and remained around that level through June 2024. As of November 2024, the inflation rate was 2.7%, with rent price increases contributing roughly half.\2]) While inflation was similar to peer countries, the U.S. has outgrown its peers.\2]) The Federal Reserve rapidly raised a key interest rate from March 2022 until August 2023, and is expected to lower interest rates in the second half of 2024.\6]) The stock market repeatedly broke record highs in 2024."
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u/DodgeRamLover_69 1d ago
Market was way overvalued and pullbacks were happening regardless.