2023 Consumer Spending Higher Than Expected, But May Not Continue in 2024, NRF Says
Despite frequent calls for a recession around every corner last year, the 2023 U.S. economy was marked in large measure by the impressive resiliency of the consumer. While the predicted recession never showed, consumers kept spending despite inflation and higher borrowing costs. By the end of the year, inflation-adjusted gross domestic product was up a solid 2.3% year over year, and December’s unemployment rate of 3.7% was one of the lowest in decades.
These numbers come from the January issue of National Retail Federation’s Monthly ...
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