A separate report showed that consumer spending grew by a solid 0.4% rate in November, the strongest gain since July, and that incomes rebounded after a weak reading in October. Many economists are forecasting that the economy is expanding at a decent 2% annual rate in the final quarter of the year. Consumer spending for the quarter, for example, grew at a 3.2% annual pace, the government estimated, up from its previous estimate of 2.9% growth. The new strength was led by higher spending on personal services such as barber shops and nail salons. Yet even with those gains, analysts are forecasting that growth will slow further in 2020, hurt by continued overseas weakness.

Source: thestar December 20, 2019 20:03 UTC