The numbers are in and things look surprisingly rosy for the U.S. economy:
The Federal Reserve is still cautious, but big brands – including Coca-Cola, Hilton and Visa — are singing praises to shoppers seemingly undeterred by companies’ raising prices. What’s more, Taylor Swift, Beyoncé and Barbie are enticing people to part with their money, bolstering local businesses.
Financial reports by corporations and government data have been painting a picture this month of insatiable American shoppers making companies
This week, GDP or gross domestic product – considered the measure of economic growth – showed the U.S. economy grew at a rate of 2.4%, much higher than expected. What’s fueling it is — you guessed it — spending. Brand after brand this week boosted their earnings forecasts for the year, calling consumers “resilient” in the face of higher prices.
Americans have been scaling back in some categories, including clothing and furniture, but we’re splurging on travel. We’re also going out to eat, and see concerts and movies. You could call it the Barbie bump.
Read more at NPR.org
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