But for companies like Soergel Orchards in western Pennsylvania, a slowdown is nowhere in sight. “People love to pick — people will pick anything.”Sales are up even though a string of rainy weekends have held back attendance at the farm’s annual fall festival. And the owners are bracing for a strong season in their store selling Christmas decorations. Consumer demand has unexpectedly boomed in 2023, defying widespread expectations for a slowdown and helping to fuel strong overall growth. The economy expanded at an eye-popping 4.9 percent annual rate in the third quarter, far faster than the roughly 2 percent pace officials at the Fed think of as its standard growth pace.

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Persons: ”, Amy Soergel Organizations: Federal Reserve, Consumer Locations: Pennsylvania