A consumer-led US recovery is just around the corner

US household spending remains at odds with a steadily improving labour market, but a higher dollar should drive stronger consumption growth in the year ahead.

Household spending in the United States continues to rise at a moderate pace but we have yet to see the type of growth that might be expected, given the strong employment figures posted this year. There are reasons for that -- soft wage growth and a low US dollar being just two -- which are set to be more favourable in the year ahead.

In the United States, real personal consumption rose by 0.2 per cent in October, missing market expectations, to be 2.2 per cent higher over the year. This followed a flat result during September.

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