In the final quarter of 2024, U.S. GDP grew at an annual rate of 2.3%, bolstered by robust consumer spending on goods and services. This growth was down from 3.1% in the previous quarter, but still represented a 2.5% increase year-over-year. High consumer confidence, boosted by a strong stock market and rising home values, encouraged spending, particularly among affluent households. However, lower-income groups continue to face economic difficulties. Concerns linger regarding the impact of proposed tariffs on trade relations, which could pose risks to future growth.
The economy is creating a boatload of jobs and unemployment is low, so shoppers have money to spend.
When they feel wealthy, they feel confident and they save a little bit less and spend a little bit more.
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