Government Consumption & Investment

Federal, state, and local government spending on goods, services, and infrastructure

3.8$T

Trend YoY growth is +2.7%, accelerating by 6 bps/month over the last 3Y. Latest: +1.9%, 80 bps below trend, a 0.9σ deviation. The latest YoY reading is depressed by 53 bps due to an tough comparison base from 2024.