U.S. economy is booming, thanks to shoppers, pay raises, and Taylor Swift

The numbers are in and the economy is booming. Thank summer travel, high spending and the Barbie bump (Photo by Ian Waldie/Getty Images)

Ian Waldie/Getty Images

The numbers are in and things look surprisingly rosy for the U.S. economy:

The Federal Reserve is still cautious, but big brands – including Coca-Cola, Hilton and Visa — are singing praises to shoppers seemingly undeterred by companies’ raising prices. What’s more, Taylor Swift, Beyoncé and Barbie are enticing people to part with their money, bolstering local businesses.

Financial reports by corporations and government data have been painting a picture this month of insatiable American shoppers making companies positively exuberant.

This week, GDP or gross domestic product – considered the measure of economic growth – showed the U.S. economy grew at a rate of 2.4%, much higher than expected. What’s fueling it is — you guessed it — spending. Brand after brand this week boosted their earnings forecasts for the year, calling consumers “resilient” in the face of higher prices.

The ‘she-conomy’ takes center stage

Americans have been scaling back in some categories, including clothing and furniture, but we’re splurging on travel. We’re also going out to eat, and see concerts and movies. You could call it the Barbie bump.

Plus, Taylor Swift and Beyoncé have been moving markets, quite literally. The Federal Reserve has tracked the striking effect of Taylor Swift’s tour on host cities. One analysis estimates it could generate almost $5 billion in global revenue. When Beyoncé…