Boost in Consumer Spending Drives Strong 3Q GDP Growth Despite Looming Economic Uncertainties
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U.S. consumer spending on concerts, travel, and entertainment drove a big jump in 3Q GDP, with estimates from +4.3% to +4.5%. Taylor Swift's tour raked in $780M.
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Air travel also soared, with a record 227M people passing through U.S. airports this summer.
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Other top-grossing tours included Beyoncé ($460M), Pink ($300M), Ed Sheeran ($240M), and Coldplay ($275M).
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However, lending has tightened, delinquencies are up, and growth is expected to sink to just 1.5% in 4Q.
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Geopolitical and domestic uncertainty remain risk factors, with Israel-Hamas conflict and struggle to secure House speaker making headlines.