The U.S. economy continues to defy gravity, growing rapidly despite high interest rates. Consumer spending is powering the expansion, but it's not clear how long that can last.
A shopper carries a shopping bag while walking through an outdoor shopping center in Corte Madera, Calif., on Oct. 17. Strong consumer spending is helping to power the economy — but it may not last.A shopper carries a shopping bag while walking through an outdoor shopping center in Corte Madera, Calif., on Oct. 17. Strong consumer spending is helping to power the economy — but it may not last.
The economic growth is particularly remarkable given that high interest rates would typically result in slower growth — but not this time. "Consumers are resilient," said Matthew Shay, CEO of the National Retail Federation."They're still powering the economy." "The consumer is kind of the fire wall between a recession or an economy that keeps on growing," said Zandi."And that fire wall is hanging tough."Taylor Swift performs during her Eras Tour at SoFi Stadium in Inglewood, Calif., on Aug. 7. Data shows Americans continue to spend big on things like high-profile concerts.Taylor Swift performs during her Eras Tour at SoFi Stadium in Inglewood, Calif., on Aug. 7.
A poll by Gallup this month found that 47% of Americans rate the economy as"poor," while only 19% rate it as"good" or"excellent." Meanwhile, Zandi at Moody's thinks people are also still scared by the economic upheaval of the last three years.
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