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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
Taylor Swift, Beyoncé, and the "Barbenheimer" phenomenon have given a sizable boost to consumer spending this year. Collectively, they may add an impressive $8.5 billion to the US economy in the third quarter, per Bloomberg. High-profile concert tours by Taylor Swift and Beyoncé, along with the twin-movie phenomenon that's come to be known as 'Barbenheimer', are projected to add $8.5 billion to US output in the third quarter, according to Bloomberg Economics. The Bloomberg economists warn, however, that the Hollywood boost for the economy may be short-lived. AdvertisementAdvertisementNeither Beyonce nor Swift have any concerts planned in the US in the last quarter of the year, and the economists described the success of 'Barbenheimer' as a "once-in-a-blue moon" event.
Persons: Taylor Swift, Barbie, Oppenheimer, Anna Wong, Eliza Winger, Swift, Organizations: Bloomberg, Service, Bloomberg Economics, Revenue, Federal Reserve, Hollywood Locations: Wall, Silicon, Montenegro, Barbados
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