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- Blowout September payroll numbers signal that the economy is in rude health, according to an ING strategist.
- Chief economist James Knightley predicted that the US's GDP surged 4% last quarter.
- He said Taylor Swift, "Barbenheimer", and Beyoncé had all helped drive growth.
The economy likely surged over the third quarter – and you can thank Taylor Swift, Beyoncé, and the "Barbenheimer" craze for that, according to ING.
In a Friday research note, the Dutch banking group's chief economist estimated that US Gross Domestic Product jumped an eye-popping 4% year-on-year over the three months ending September 30.
James Knightley cited September's Non-Farm Payrolls report, which showed that the US added a better-than-expected 336,000 jobs last month, as a clear sign that the economy is still in rude health.
"We can't argue against [the latest payroll numbers] given the strength we will likely see in third-quarter GDP," he said.
"We wouldn't be surprised to see a 4% annualized expansion with Taylor Swift, Beyoncé and Barbenheimer helping to give growth a kick higher," Knightley added.
By itself, the leisure and hospitality sector accounted for 96,000 new jobs in September, per the payrolls numbers released Friday.
The industry has boomed this year thanks to a massive surge in demand for concert tickets, coupled with several high-profile movies reviving the US box office from its post-pandemic slump.
Swift's "The Eras Tour" grossed $2.2 billion and generated $4.6 billion worth of consumer spending, according to estimates by the research company QuestionPro.
Even the Federal Reserve has noted the tour's economic impact. In May, the central bank pointed out how much Swift's "Eras" concerts had boosted Philadelphia hotel revenues in its monthly Beige Book.
Eras and Beyoncé's "Renaissance World Tour" are expected to add a combined $5.4 billion to the US's third-quarter GDP, according to an estimate from Bloomberg Economics.
The "Barbenheimer" moviegoing craze – referring to the box-office smashes "Barbie" and "Oppenheimer", which were released on the same day in the US – will account for another $3.1 billion worth of growth, by the same estimates.