U.S. consumer spending was remarkably resilient in 2023, underpinned by robust job and income gains, strong household balance sheets and finances, moderating inflation, and improving consumer sentiment, according to Fitch Ratings. “The strength of the U.S. economy reflects renewed fiscal easing, consumers’ willingness to continue drawing on excess savings, strong household balance sheet fundamentals and a tight labor market,” said Olu Sonola, head of Fitch U.S. economic research. Household nominal disposable income increased in 2023 at 6.9% yoy, supported by strong employment and nominal wage growth. Real household ... (full story)