Last week’s report that U.S. consumers hiked their spending by 3.3 percent in 2023’s final quarter surprised many analysts, who had expected just a 2-percent bump.
Tag: Consumer Spending
U.S. GDP grew by 3.3 percent in last year’s final quarter, ending a year in which a widely expected recession failed to materialize.
Initial reports show that consumers spent more than last year over the frenzied “Black Friday” shopping weekend following the Thanksgiving holiday, but only because prices were higher, The Wall Street Journal reported.
In this year’s third quarter, the U.S. economy grew by a robust 5.2 percent, adjusted for inflation, not the 4.9-percent clip estimated earlier, the Commerce Department said in a statement.
U.S. GDP grew at an annual rate of 4.9 percent in this year’s third quarter, the commerce department reported.
Consumers charged 11 percent less to their credit cards in September than they did in August, marking the fourth consecutive month of declining charges and the largest monthly drop this year, Citi reported.
Consumers’ pessimism about the economy has grown significantly this month, according to the University of Michigan’s monthly survey of consumer sentiment.
Overall inflation in the U.S. pulled back to a 4-percent annual rate in May, its slowest in two years, the U.S. commerce department reported. The Personal Consumption Expenditures Price Index, the U.S. Federal Reserve’s preferred inflation gauge, slowed to 3.8 percent.