“We continue to believe cooler days are on the horizon with cost fatigue—the perception that the cost of everything is higher than pre-pandemic—rising debt servicing burdens and slowing job growth dampening consumers’ and businesses’ ability and desire to spend and invest.”

Gregory Daco, chief economist at EY-Parthenon, responded to the Commerce Department’s estimate which showed that the U.S. economic growth was even stronger in the third quarter than previously estimated, underscoring the economy’s resilience in the face of elevated inflation and high borrowing costs earlier this year. Read the CNN article here.