Bloomberg Surveillance · Friday, July 31, 2026
Greg Daco, President of the National Association for Business Economics, stated that while the US economy is not "too effervescent," growth is concentrated among affluent consumers and AI-driven investments. He warns that excluding these drivers reveals a lack of broad economic momentum, which poses a risk.
“I don't think it's too effervescent, but we are seeing strong growth in underlying momentum. When it comes to consumer spending activity and business investment.”
“I would say that we have too much of a concentrated growth environment because when you look at what's driving growth. It's really more the affluent consumers and AI driven business investment. If you exclude those, you don't really have much of breadth in terms of economic momentum.”