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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 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 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 ...
To assess near-time consumer attitudes on the business climate, personal finance, and spending; To promote an understanding of, and to forecast changes in, the national economy; To provide a means of incorporating empirical measures of consumer expectations into models of spending and saving behavior
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.
Consumer sentiment is the general attitude of consumers toward the economy and the health of the fiscal markets, and they are a strong constituent of consumer spending. Sentiments have a powerful ability to cause fluctuations in the economy, because if the attitude of the consumer regarding the state of the economy is bad, then they will be ...
The former Fed policymaker still expects a rate cut next week but added that a prior prediction for four rate cuts next year has "got to be rethought." Two or three cuts in 2025 "seems right to me."
The spending spree that powered the economy won't last forever, complicating the Fed's balancing act of taming inflation and warding off recession. Consumer spending set to slow as inflation drags ...