Bessent says U.S. will finish the year with 3% GDP growth, sees 'very strong' holiday season

Economic Overview - U.S. Treasury Secretary Scott Bessent indicated a "very strong" holiday shopping season and predicted a robust end to the year for the U.S. economy [1] - The economy has outperformed expectations with a reported 4% GDP growth in several quarters, and a forecast of 3% real GDP growth for the year despite challenges such as the Schumer shutdown [2] GDP Performance - The Bureau of Economic Analysis reported a contraction of 0.6% year-over-year in GDP for the first quarter of 2025, followed by a significant increase of 3.8% in the second quarter [2] - Initial estimates for third-quarter economic results are set to be published on December 23, with the Federal Reserve Bank of Atlanta projecting an annual GDP growth of 3.5% for that quarter [3] Consumer Sentiment - Consumer spending, which constitutes nearly 70% of U.S. GDP, remains pessimistic, as indicated by the University of Michigan's consumer sentiment survey, which recorded a score of 53.3 in December. This reflects a 4.5% increase from November but a 28% decrease compared to the same period last year [3]