Consensus growth forecasts for 2023 have been steadily revised higher in the US, UK, and Euro area. The unexpected resilience of consumer spending is a part of this optimism. While consumer spending growth may be slowing, it is not collapsing. Three broad factors support consumers. Labor markets provide two forms of support. Unemployment rates remain generally low, so job security is good for many people. This security reduces the need to accumulate savings as an insurance against unemployment. There has also been an increase in households with multiple income streams—generated by second jobs, or by being employed in ... (full story)