man and woman looking down toward kitchen table

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

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