Household Debt Climbs but Economy Shows Signs of Robust Growth In January 2024, U.S. retail and food service sales saw a modest increase to $700.3 billion, marking a 0.6% rise from the previous year, according to Census Bureau data. This uptick in consumer spending has contributed to a significant rise in household debt, reaching $17.5 trillion in the fourth quarter of 2023, as reported by the Federal Reserve of New York. While increased consumer debt is a concern, the surge in spending is a positive indicator for the economy, given that consumer expenditure plays a vital role in the nation’s Gross Domestic Product (GDP). Economists, including Christopher Rupkey of FWDBONDS in New York, view this trend as a sign of economic strength, potentially obviating the need for recession forecasts and suggesting a balanced economic climate that could justify interest rate cuts in 2024. « Previous Article Next Article » Share This Article Choose Your Platform: Facebook Twitter Google Plus Linkedin Related Posts US consumers on lower incomes face loan stress while banks pull back READ MORE Different Purities of Sovereign Gold Coins READ MORE Record Inflows Catapult Bitcoin Near All-Time Highs READ MORE Dollar strengthens after big shift in global rate outlook READ MORE Add a Comment Cancel replyYour email address will not be published. Required fields are marked *Name * Email * Save my name, email, and website in this browser for the next time I comment. Comment