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Consumer Strength Remains Robust

January 29, 2024

Two people riding in a car having fun

January consumer sentiment hit the highest level since July 2021, topping estimates as main street concerns for inflation waned. The University of Michigan index indicates that 12-month inflation expectations are the lowest in three years.

Fourth-quarter GDP echoes consumer strength as the economy registered annualized economic growth of 3.3%.  For the year, the economy expanded at a rate of 2.5%.   Fourth quarter personal spending rose at a 2.8% rate.