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You Can't Keep Consumers Down

Dan North | November 2024

Third quarter gross domestic product (GDP) grew at a 2.8% annualized quarter-over-quarter rate, a shade below expectations of 3.0%. However, the headline number masks the real strength in the report, which is that consumption grew at a very rapid clip of 3.7%.

The GDP data is backward looking since it measures activity in July and August as well as in September. Those exact same measures are calculated on a timelier monthly basis in the personal income (PI) and personal consumption expenditures (PCE) report. That report shows, once again, that the US consumer has been relentless

To read Dan's full report, click on the link below and download the PDF

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