"Never bet against the US consumer" proved to be a valuable maxim during the last decade. The latest data suggest that the US consumer might be slipping the superhero cape back on, ready to save the world again from the perils of deficient demand. Real consumption growth accelerated to 2.8% annualised in the third quarter and the fourth quarter looks to be off to a strong start as well. Unfortunately, we are not convinced this stronger performance can be sustained.
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