Americans spent at slowest pace in 3 years in 2019, threatening powerhouse of US economy | Markets Insider

Consumer spending is closely watched because it drives about two-thirds of gross domestic product.Personal consumption expenditures rose 4% on an annual basis last year, the smallest increase since 2016.American shoppers continued to serve as the engine of the US economy through volatile times last year, fueling growth even as a global cooldown and trade tensions clouded the outlook. But there are signs that households are starting to pull back on spending.

Personal consumption expenditures rose 4% from a year earlier in 2019, according to the latest GDP estimates from the Commerce Department, the smallest increase since 2016. The slowdown came during the usually busy fourth quarter despite a historically strong labor market and high levels of consumer confidence.

In its first policy announcement of the year on Wednesday, the Federal Reserve downgraded its assessment of consumer spending to"moderate." The central bank had consistently referred to consumer spending as"strong" throughout 2019.

We have no disposable income...after basics bills and food are paid ..we arent being paid enough to go have fun...to buy ANYTHING extra ... We have to put 'extra' all on a card and even those are maxed out for most of us

the billionaires arent buying enough?

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