USA Economy Is Growing Solidly Here what’s working , Even if many people don’t agree, the United States of America’s most recent economic report card, which was released just days before Election Day, is positive.
USA Economy Is Growing Solidly Here what’s working
USA Economy Is Growing Solidly Here what’s working, USA Economy Is Growing Solidly Here what’s working, According to the Commerce Department on Wednesday, consumer spending drove the U.S.A economy’s strong 2.8% annual growth in July, August, and September.
Here are four things you should know about the most recent GDP report, which is the most comprehensive indicator of the state of the economy.USA Economy Is Growing Solidly Here what’s working,
Consumers are spending freely
USA Economy Is Growing Solidly Here what’s working, The USA Economy Is Growing Solidly Here what’s working, has always been powered by its consumers, and in the third quarter, that power increased.
To purchase vacations, dining out, and cars, people opened their wallets. Spending by consumers increased at a 3.7% annual rate, USA Economy Is Growing Solidly Here what’s working, which was faster than the prior quarter.
USA Economy Is Growing Solidly Here what’s working, “The consumer is driving the train, as she has been doing, and the consumer continues to power the economy forward,” says Moody’s Analytics chief economist Mark Zandi.
Not all customers are, in fact, spending so freely.USA Economy Is Growing Solidly Here what’s working, More and more budget-conscious consumers are searching for deals. McDonald’s announced last week that its $5 value meals have seen high summer demand. Additionally, the personal savings rate is still declining; in the third quarter, it fell to 4.8%.
A strong job market helps
USA Economy Is Growing Solidly Here what’s working, A robust labor market and strong pay growth, which have been exceeding inflation for more than a year, are the main drivers of consumer spending.
Over 500,000 new jobs were created by employers in the quarter, and the unemployment rate is currently at a low 4.1%.
“As long as people have a job and their wages are rising, that’s the basis for continued strong spending,” says Zandi.
USA Economy Is Growing Solidly Here what’s working, Even while polls indicate that some people are depressed about the economy, the robust labor market and increased expenditure are encouraging for the economy.
USA Economy Is Growing Solidly Here what’s working, “Despite the hand-wringing that many consumers have when they respond to surveys or polls and say, ‘I’m worried about the economy,’ and they may well be, but it’s not showing up in their behavior,” says Zandi. “They’re still spending.”
But housing remains a weak spot
The economy isn’t performing well everywhere.
USA Economy Is Growing Solidly Here what’s working, The housing sector has been hampered by high borrowing rates and property prices. With a 5.1% annual decline, residential investment was the GDP report’s weakest area.
USA Economy Is Growing Solidly Here what’s working, Existing house sales have been slow all year, with September sales hitting their lowest level in over 14 years. Following a brief surge in 2023, new home construction has also faltered, particularly in multi-family apartment complexes. September had fewer housing starts and permits than the same month the year before.
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Consumer confidence is improving some what
USA Economy Is Growing Solidly Here what’s working, The nation’s most recent economic report card is released at the end of a presidential contest in which the economy was cited by many voters as their top concern.
As inflation declines from a four-decade peak two years ago, USA Economy Is Growing Solidly Here what’s working, there are indications that people’s perceptions of the economy are improving.
According to a Conference Board study this week, consumer confidence has increased at its highest rate in over three and a half years.USA Economy Is Growing Solidly Here what’s working, Views on the state of the economy and the prospects for the upcoming six months both improved.
Analysts were hesitant to declare this a change in attitude.
“There was a big pop in October,” asserts Conference Board head economist Dana Peterson.USA Economy Is Growing Solidly Here what’s working, “But I would warn that the measure itself has been moving sideways in a pretty tight range for the last two to three years.”
Even if inflation has decreased, consumers are still battling the cumulative impact of recent price increases.
“People still feel the sting of high inflation of two or three years ago, and that’s hard to get over,” adds Zandi.
