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Durable Goods Spending Grew at its Fastest Rate Since May 2018
Because of the declining change in the real 10-year Treasury rate in 2019 and the accelerating quarterly growth, durable goods consumer spending should see further accelerating growth in the first quarter of 2020.
Steven Kline, Jr., Chief Data Officer, Gardner Business Media
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In December, the month-over-month rate of growth for durable goods spending was 7.9%, which was the fastest rate of growth since May 2018. This was just the second month of faster than average growth since July 2018. The annual rate of growth accelerated significantly to 4.7%. This was the fastest rate since April 2019. Because the real 10-year Treasury rate declined in 2019, and because of the acceleration in quarterly growth, there should be further accelerating growth in the first quarter of 2020. Read more