U.S. consumers spared no expense this past summer, attending concerts and sporting events in droves, as well as traveling, all of which may translate into a boom for the economy last quarter.
U.S. consumers treated themselves this summer, scooping up concert tickets to likes of Taylor Swift and Beyonce, singing and dancing to sold-out shows, while also driving record numbers for U.S. air travel. Gross domestic product , came in at 4.9%, way above the 4.3% to 4.5% estimates and more than double the second-quarter’s 2.1% read. "It’s all the kind of revenge spending post-pandemic, which is especially concentrated in the service sector.
airports, as reported by TSA. "3Q US GDP is expected to surge to a 4.3% annualized pace driven by a frenzy of summer travel and entertainment, that’s a big jump from Q2 and an unsustainable pace and expected to slow sharply in Q4" said Jeffrey Kleintop, chief global investment strategist of Charles Schwab, in an address to clients earlier this week. Riccadonna agrees, pointing out a slowdown is already underway and will likely persist through year-end.
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