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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.
Earnings update. With 92% of the S&P 500 done reporting first quarter earnings, the index is pacing for its highest year-over-year earnings growth since the second quarter of 2022.
By contrast, consumer spending, which fuels about 70% of economic growth, rose at a 2% annual rate, down from 2.5% in the first estimate and from 3%-plus rates in the previous two quarters.
For all of 2024, the economy grew 2.8%, down just slightly from a 2.9% clip the previous year. The report paints a generally positive picture of the economy in the final months of former President ...
Respondents predicted their incomes would rise 2.9% in August, the lowest reading since the summer of 2021, according to the New York Fed’s Consumer Sentiment Survey for August.
Spending is, however, seen cooling off in early 2024 as excess savings accumulated during the pandemic st US consumer spending exits third quarter on strong note; monthly core inflation rises Skip ...
With inflation pressures persisting and credit card debt reaching alarming levels, many are reassessing their spending habits. A 2024 Discover Personal Loans survey found that consumers’ New ...
Consumer spending, which accounts for about 70% of U.S. economic activity, accelerated to a 3.5% annual pace last quarter, up from 2.8% in the April-June period and fastest growth since the fourth ...