"America's Economy Thrives Amidst Challenges: A Closer Look"

US consumer spending appears strong as gross domestic product (GDP) expanded at an annualized rate of 4.9% in Q3, surpassing expectations. However, corporate earnings suggest that not all consumers are spending freely, with some tightening their budgets due to factors such as high interest rates, resumption of student loan payments, and depletion of pandemic-era savings. Discount airlines and toy companies have reported softer demand, while Amazon exceeded expectations. UPS trimmed its revenue outlook, citing softening demand and lower consumer spending in the US and European markets. Mortgage rates continue to rise, impacting purchase activity. In China, homebuilder Country Garden has defaulted on an international bond, signaling potential financial collapse amid the country's real estate crisis.