Spending figures are released along with inflation figures, so today we got the December numbers for consumer expenditures. They were up 6.7% from November and 3.2% from a year ago. However, since I said this morning that I like quarterly figures these days, here's the quarterly growth rate:
Very respectable. The holiday season was strong and people are continuing to spend money. I continue to hold my breath over the prospect of a recession soon, but at the moment it sure looks like everything is going fine.
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China seems on the precipice of a long slump, as the U.S. still has organic demand and a need for domestic infrastructure upgrades - housing, energy - that will sustain demand.
Is this the beginning of another U.S. boom period relative to the rest of the world? For once I am sanguine.
China has completely overinvested, and looks to be entering a regression to an authoritarian, centralized model. If the United States can avoid MAGA insanity and the general GOP fondness for big government, there's nothing but open road ahead for the next 30 years.