But economists are warning the bump in growth won’t last forever, with Americans’ COVID-era savings running dry.
AdvertisementAdvertisementTaylor Swift, Beyoncé, and the "Barbenheimer" box-office craze all gave the American economy a much-needed boost this summer.
AdvertisementAdvertisementFunflation won't lastAmericans' summer spending splurge on concert and film tickets didn't come out of nowhere.
"You've run down the savings rate so a lot of people have basically been spending well beyond what they've been earning.
That's why the Taylor Swift economy isn't likely to last.
Persons:
Taylor Swift, ’, —, Marc Ostwald, Anna Wong, Eliza Winger, they've, You've, that's, Freddie Mac, Beyonce
Organizations:
Service, ADM, Services International's, Bloomberg, ADM ISI's, Federal Reserve
Locations:
American