A Year in Review: Business Challenges, Cyber Outages, and Economic Shifts Define 2024

It’s been a tumultuous year for the business world, as companies faced rising prices, shifting consumer behaviors, and significant disruptions. From fast food chains offering meal deals to major cyber outages, 2024 tested corporate resilience and reshaped the economic landscape.

Despite these challenges, the U.S. economy maintained its momentum, largely driven by a cautious but spending U.S. consumer. Major fast food brands like McDonald’s, Wendy’s, and Burger King found themselves under pressure to offer meal deals as consumers resisted price hikes, but Americans still opened their wallets, especially during the extended Black Friday weekend, setting new records in online spending.

The U.S. economy also benefited from Federal Reserve rate cuts, which marked the first time since 2020. This move helped counteract rising unemployment, which ticked up by about 0.5% over the past year. At the same time, inflation slowed, offering some relief to households, although the prices of staples like ground beef, eggs, and housing continued to climb.

However, 2024 wasn’t just about economic shifts—it also saw major disruptions in the tech and communications sectors. Microsoft experienced a global outage in July, caused by a faulty security update from CrowdStrike, while AT&T faced a massive cell phone outage in February. Meta’s services were also affected in March, disrupting Facebook and Instagram for millions. These cyber outages raised concerns about security and reliability but didn’t stop the companies involved from continuing to operate.

Bankruptcy also made headlines, with companies like Tupperware, Express, TGI Fridays, and Red Lobster filing for reorganization. While bankruptcy doesn’t necessarily mean closure, it reflects the pressure some companies faced as they navigated the challenges of 2024.

As 2025 looms, questions about the future of the U.S. economy and consumer spending remain. Can American families expect to pay less? It’s uncertain, but the lessons of 2024 will likely shape the strategies of both businesses and consumers in the year ahead.