U.S. Treasury Secretary Scott Bessent indicated that the U.S. economy is finishing the year on solid footing, citing strong holiday retail activity and continued economic growth. Speaking on CBS News’ Face the Nation, Bessent described the current holiday shopping season as “very strong” and pointed to stronger-than-expected economic performance throughout the year.
According to Bessent, the U.S. economy recorded approximately 4% GDP growth in multiple quarters, with expectations that real GDP growth will reach 3% by year-end despite ongoing political uncertainty. While the Bureau of Economic Analysis (BEA) reported a 0.6% year-over-year contraction in GDP during the first quarter of 2025, economic momentum rebounded significantly in the second quarter with a 3.8% increase.
Looking ahead, the BEA is scheduled to release its initial estimate for third-quarter GDP on December 23. In the meantime, the Federal Reserve Bank of Atlanta’s latest projection, released December 5, estimates third-quarter annualized GDP growth at 3.5%, reinforcing confidence in sustained economic expansion.
Despite these positive indicators, consumer sentiment remains subdued. Consumer spending accounts for nearly 70% of U.S. GDP, yet the University of Michigan’s Consumer Sentiment Index registered 53.3 in December. While this represents a 4.5% increase from November, sentiment remains 28% lower than the same period last year, reflecting ongoing concerns among households about inflation, interest rates, and economic uncertainty.
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