Some Americans are spending as if they are in a recession, despite optimism in the US economy. Discount retailers have been warning about reduced spending due to economic uncertainty. Even high-income shoppers are trading down for certain items and reallocating their budgets to prioritize travel. The "revenge travel" trend is slowing down, and as a result, consumers are cutting back on other areas of spending. This decline in spending is evident in recent economic data, with US retail sales falling for the first time in seven months in October. Discount retailers like Dollar Tree and Dollar General are also feeling the impact of frugal shopping habits, with lower-income consumers reducing their spending. Walmart has benefited from increased spending on food and essentials, but warns that consumer spending may weaken after the holiday season. Meanwhile, Elon Musk is calling for the firing of Disney CEO Bob Iger after Disney pulled ads from Musk's social media platform. On a more positive note, the US economy has outperformed other wealthy nations in its recovery from the pandemic, with GDP growth of 5.2% in the third quarter, surpassing China.
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