(Peter Hall – EDC)
Back in 2009, today’s title seemed far-fetched. Impossibly over-leveraged U.S. consumers looked like they were down for the count, almost stone-dead. Their massive debt wall collided with plunging employment and an evaporation of the equity in their biggest single investment: the family home. Popular thought at the time held that it would take a decade or more to recover, and at that, growth would never again be quite what it was. Far from dead, this giant has had an extended snooze. Is it rousing?
First, let’s review this giant’s size. Per capita, American consumers are among the richest in the world, operating in the planet’s top domestic market. Consumers account for about 60% of GDP in other OECD countries, but in America, their share is a massive 70%. Given that the U.S. kicks in about 19% of global GDP, US consumers directly account for 13 cents of every dollar that circulates globally. Impressive indeed! Read more here.
Related: Americans Are Spending Again (CNN)