They increased in the spring and, therefore, boosted economic activity. They decreased this summer in response to the acceleration of household consumption, which has seen its most robust growth since early 2023 (+3.7%).
Americans spend too much as their incomes and wealth increase. The labour market is dynamic, with many new jobs being created. Low unemployment encourages higher-than-inflation wage growth. The boom in the stock market and rising real estate prices are increasing the value of household wealth.
With the recent hurricanes and the strike at Boeing, US growth will slow in the last three months of the year without calling into question the continued economic expansion. The US economy will remain on a growth path all the more resolutely since the Federal Reserve began to cut its key interest rates in September. As inflationary pressures slow, there is room for further monetary easing.
Buy US equities at 5, 10 or 15% depending on whether your risk profile is defensive, balanced or dynamic.