The United States of America is one of the strongest economies in the world. According to Credit Suisse’s Global Wealth Report 2023, the US is a leading economy with a total wealth of $139.86 trillion, as of 2022. The United States is the second wealthiest country by per capita net worth of $551,347. There were 21,037 and 110,129 top 1% and top 10% of global wealth holders in the US in 2022, respectively.
In 2021, real GDP increased by 5.9% in the US from the depressed levels in 2020. The growth rate in 2022 was 2.1% and unemployment plunged to historically low levels. The US constitutes less than 5% of the global population, while Americans earn around 20% of the world’s total income, as per the United States Trade Representative.
With high inflation and interest rates in 2023, the economic situation has been uncertain. Economists have had divided thoughts on whether the US was on the verge of recession, or the economy was headed for a soft landing. After recession fears in 2023, the US economy is projected to beat consensus expectations in 2024, as per Goldman Sachs Research. According to the estimates, the GDP of the US is expected to grow by 2.1% in 2024 compared to the 1% growth projected by Bloomberg’s economists. Goldman Sachs Research insists that the probability of a US recession is minimal than what many economists are projecting. The probability of a US recession is 15% over the next 12 months, as per Goldman Sachs.
The Fed is expected to keep rates steady until a rate cut in the fourth quarter of 2024. Goldman Sachs’ analysts believe that the hard part of the inflation fight seems to be over and with a positive job market, the economy will be on track for recovery. With the overall economy getting stable growth in 2024, the labor market is also projected to be nearly stable in 2024. Job growth is forecasted at around 175,000 per month for the first half of 2024 and it is expected to slow down to 100,000 in the second half of 2024. Other markets are expected to report a modest growth next year. In 2024, home sales are on track to be weak due to high mortgage rates.
Businesses in the Richest US States
The US is home to some of the biggest companies in the world. Walmart Inc. (NYSE:WMT) leads the Fortune 500 list for 2023. While Apple Inc. (NASDAQ:AAPL) is the most valuable company in the world by market cap. The richest states in America are home to some of the leading US companies.
General Electric Company (NYSE:GE) is a multinational giant that operates in various industries including power, renewable energy, aerospace, additive manufacturing, and digital industry, among others. Based in Boston, Massachusetts, General Electric Company (NYSE:GE) serves its customers in over 150 countries. On November 16, General Electric Company (NYSE:GE) announced that GE Vernova completed its first onshore wind turbine produced on its new wind manufacturing assembly line in Schenectady, New York. The facility will manufacture GE Vernova’s 6.1-158 onshore wind turbine. With almost 200 skilled employees, General Electric Company’s (NYSE:GE) renewable energy facility will manufacture over 100 units of GE Vernova’s workhorse 6 MW onshore turbines in 2024. GE Vernova is working hard on different renewable techniques. On November 16, General Electric Company (NYSE:GE) announced that GE Vernova and Our Next Energy Inc. (ONE) have collaborated towards enhancing battery energy storage solutions in the US through locally manufactured batteries.
Connecticut is also one of the richest states in America and Cigna Corporation (NYSE:CI) is one of the biggest Connecticut companies. Cigna Corporation (NYSE:CI) has more than 74,000 employees. On October 12, Cigna Corporation (NYSE:CI) announced that it is launching its Medicare Advantage (MA) plan for Nevada. The Medicare Advantage (MA) plan will be available for two counties in the Las Vegas area, which will be effective January 1, 2024. On October 17, Cigna Corporation (NYSE:CI) announced its expansion for Medicare Advantage (MA) to four new counties in Asheville, North Carolina. The Medicare Advantage plan includes several medical benefits, such as dental allowance, financial wellness incentives, and hearing and vision benefits. The plan will be effective from January 1, 2024, in Avery, Madison, Mitchell, and Yancey counties.
Cognizant Technology Solutions Corporation (NASDAQ:CTSH) is a top multinational information technology services firm, based out of Teaneck, New Jersey. On November 1, Cognizant Technology Solutions Corporation (NASDAQ:CTSH) announced its earnings for the third quarter of 2023. The company posted earnings per share of $1.16 for Q3 2023, beating EPS estimates by $0.07. The revenue was reported at $4.9 billion, which came within the company’s guidance range.
Source : Yahoo Finance
