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GDP growth in 2024 significantly outpaced other advanced economies, fueled by robust consumer spending. The third quarter of 2024 saw an annualized GDP growth of 3.1%, revised up from 2.8%.
But as inflation has moved down significantly in 2023, real disposable income has rebounded. It is pacing for 4% growth this year and nearly 3% next year, per Goldman.
2024 Holiday Spending Analysis, Simon-Kucher. Accessed December 30, 2024. Accessed December 30, 2024. Delinquency Rate on Credit Card Loans, Federal Reserve of St. Louis.
Before 2019, the U.S. was seen as a last resort for consumer spending during a global recession, but after 2020, U.S. exports have contributed to foreign inflation. At the same time, energy prices have gone up as well as the value of the U.S. dollar, which both increased monetary pressures on nations that mostly rely on energy imports.
In August 2020, national unemployment peaked at 7.5%, [287] falling to 5.6% by April 2021. [288] In December 2020, it was announced Australia had pulled out of recession after experiencing a 3.3% growth in GDP in the September quarter. Treasurer Frydenberg stated the effects of the recession had lasting impacts and recovery was far from over.
Consumer Sentiment Index 1952 - 2022. The University of Michigan Consumer Sentiment Index is a consumer confidence index published monthly by the University of Michigan. The index is normalized to have a value of 100 in the first quarter of 1966. [1] Each month at least 500 telephone interviews are conducted of a contiguous United States sample ...
But the changes they generated – societally in 1968 in the US and functionally around the globe in 2020 — weren’t as complete and as multidimensional as what I expect for 2024.
Consumer sentiment and spending will remain strong in 2025, Goldman Sachs says. Analysts expect discretionary cash flow for US consumers to grow 5.2% compared to a 4.4% rise in 2024.