Economic Recovery Predictions

Predictions about a swift recovery from economic stagnation in 2024 were largely incorrect, as the struggle with inflation persisted longer than anticipated. Many industry leaders expected the U.S. Federal Reserve to reduce interest rates sooner, but those cuts did not happen, which reflects a more profound and enduring inflation problem. Consulting services and software sales, particularly in data management, experienced significant slowdowns during the year, showing that several companies struggled to maintain growth. The downturn was particularly noticeable for many consultants and software providers, contrasting with the continued growth being seen by some companies in the market.