Bloomberg Daybreak: Asia Edition Daybreak Weekend: US PCE, CBI Conference, BOK Preview
Nov 22, 2024
Explore U.S. economic indicators like GDP and PCE data, and what they mean for the Federal Reserve. Delve into Macy's retail struggles amid changing consumer trends and weather impacts. The UK faces key challenges as leaders gather at the CBI conference to discuss sustainable growth amidst inflation. South Korea's economic outlook is scrutinized with interest rates and debt concerns at the forefront. Plus, uncover the complexities of Trump's flip-flop policies on China's tech sector and their implications for U.S.-China relations.
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US Q3 Economic Growth
- The US economy is expected to show robust growth in Q3, with a potential upward revision from the initial 2.8% estimate.
- This is partly due to stronger consumer spending, especially in discretionary categories like dining and entertainment.
Consumer Spending Trends
- Consumer spending at bars, restaurants, and likely back-to-school and travel contributed to the economic growth.
- Housing continues to be a laggard in the economy.
Impact of Rate Cuts on Spending
- The October Personal Income and Outlays report indicates potential upward revisions, showing consumers weren't as frugal as initially thought.
- The Fed might slow its rate cut trajectory due to this stronger consumer spending.