The American consumer is back

US household consumption is growing at its fastest rate in eight years, and as the economy recovers, wages should follow. Expect a strong 2014 for the US.

The Federal Reserve’s decision to pull the trigger and begin its taper received further justification after household consumption rose by more than expected in November. Data from October and November suggest that consumption may have increased at its fastest pace in almost eight years over the December quarter.

Real household spending rose by 0.5 per cent in November, to be 2.6 per cent higher over the year. Strong growth in both October and November suggest that consumption will rise by around 1 per cent in the December quarter.

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