CHARLOTTE, N.C. — The U.S. economy grew stronger than expected between April and June despite higher interest rates and inflation.
The real gross domestic product, an important indicator of economic activity, increased at an annual rate of 2.4% during the second quarter of 2023.
According to the Bureau of Economic Analysis, the increase in consumer spending showed increases in services and goods. Recreational goods and vehicles were some of the largest contributors.
However, consumer spending slowed down in the U.S. compared to the first quarter of the year.
Sales at outfitter Jesse Brown’s Outdoors in Charlotte have been steady.
“Recognizing that people are talking about a recession that may make people pull away. We have not seen here about Jesse Brown’s or the Charlotte area and we hope that doesn’t happen,” owner Bill Bartee said.
He said he’s noticed an increase in sales since 2021.
“We are enjoying the past quarter, the past two quarters. The past year, I would say, we have been celebrating people investing in the outdoors and experiences outdoors,” Bartee said.
Customer George Hilbish is not surprised people are investing in recreational goods to go on trips after the pandemic.
“I think people got tired and when they got the opportunity to go and do, that was just a springboard for them,” Hilbish said.
Hilbish, for example, visited Jesse Brown’s to buy gear for a hunting trip in New Zealand in the second quarter of the year.
Bartee said many of his customers are choosing to go on trips farther away.
“We are outfitting people for Montana, for Wyoming, for Colorado, for Alaska and lately we’ve seen a big push toward Europe,” Bartee said.
Hilbish is planning to go to Spain next year, and he’ll likely be back at Jesse Brown’s to shop for his next outdoor adventure.
“It’s a much freer feeling to be outside, and I like the calmness that you get,” Bartee said.
Business investment and spending from state and local governments also increased consumer spending during the second quarter of the year. However, exports and residential fixed investment decreased.