The continued bright spot in global economic data has been the solid state of U.S. consumers. Unemployment is low, and consumers are confident and continue to spend freely, providing a major buoy for the rest of the economy.
What they're saying: "Trade, as important as it is, and as many headlines as it engenders, is 3-4% of GDP. Personal consumption is closer to 70% of GDP. And as long as the labor market is strong, wages are OK, and we’re in a non-inflationary environment, the consumer keeps spending," Scott Clemons, chief investment strategist at Brown Brothers Harriman, says in an email.