In 2023, an article in the Wall Street Journal had the headline Spring Spending Surge Pushes Growth
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In 2023, an article in the Wall Street Journal had the headline “Spring Spending Surge Pushes Growth Despite Rate Rises.” The article notes that “consumers spent a seasonally adjusted 0.3 % more in May at retail stores, restaurants and online.” Would this information make you expect that the long-run economic growth rate was increasing in 2023? Briefly explain.
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