The U.S. economy keeps puttering along like an old, used vehicle which just keeps running and running—not the sexiest vehicle on the road, but it gets the job done. The current economic expansion is now the longest in U.S. history.
Signs of weakness did flash last year, like an inverted yield curve, but the economy emerged from 2019 on solid footing. Unemployment remains at a multi-decade low, wages are growing, and inflation remains low. Consumers rule the U.S. economy and if they remain confident, the economy should keep growing. This year should see more of the same—consistent, measured growth in the gross domestic product of around 2 percent. Consumer spending on food should be steady to higher too.