Group 1: U.S. Macro Overview - The U.S. real GDP grew at a seasonally adjusted annualized rate of 4.3% in Q3, significantly exceeding market expectations of 3.3%, with a nominal growth rate of 8.2% [1][5][30] - Consumer spending accelerated to 3.5%, driven by robust real expenditure on goods (+3.1%) and services (+3.7%), contributing 2.4 percentage points to overall growth [1][9][32] - Trade provided a significant boost, with exports surging by 8.8% and imports falling by 4.7%, resulting in net exports contributing 1.6 percentage points to growth [1][9][32] Group 2: Consumer Behavior Insights - Despite strong GDP growth driven by private consumption, the Consumer Sentiment Index hit a new low, indicating a divergence between weak confidence and strong consumption [2][15][32] - Spending is not limited to affluent groups; middle- and lower-income households have not significantly curtailed expenditures, partly due to expectations for future income growth and the expansion of "Buy Now, Pay Later" financial services [2][16][32] - The top 10% of income earners contributed 49.2% of total consumption, highlighting an uneven economic growth structure [2][15] Group 3: Employment and Labor Market Dynamics - The U.S. labor force participation rate began to rise modestly in Q3, with supply-side measures potentially encouraging more workers to enter the market [2][19][32] - Annualized wage growth for production and nonsupervisory workers was 1.6%, suggesting potential for supply-side-led growth [2][19][32] - The labor market is showing signs of cooling, with questions about whether this is driven by demand-side or supply-side factors [2][19] Group 4: Interest Rate and Investment Trends - Interest-rate-sensitive sectors are showing weakness, with non-residential and residential investment declining for several consecutive quarters [2][21][32] - The onset of a rate-cutting cycle and relevant tax legislation may provide some recovery in 2026 [2][21][32] - AI-related investment continues to rise, supporting nearly all capital expenditure growth, although other fixed asset investments have been declining [2][12][32] Group 5: Major Asset Class Implications - The data release is positive for U.S. equities, particularly cyclical sectors, with future gains expected to remain earnings-driven [3][31][32] - U.S. Treasury yields are likely to trend moderately lower, but concerns about the new Fed Chair's independence may limit the downside for yields [3][31][32] - The U.S. Dollar Index may face short-term weakness due to uncertainty surrounding the new Fed leadership, but fundamental resilience should support a medium-to-long-term rebound [3][31][32]