Resiliencia de los consumidores norteamericanos y valoración de mercado: un delicado equilibrio en un macroentorno riesgoso

The U.S. economy in Q3 2025 presents a paradox: a resilient consumer base underpinned by high-income spending and AI-driven optimism, juxtaposed with a fragile labor market and elevated equity valuations. This tension raises critical questions about the sustainability of consumer-driven growth in a macroeconomic environment marked by rising tariffs, inflationary pressures, and uneven income distribution.

Consumer Spending: A Tale of Two Incomes

According to a Reuters report, U.S. , reflecting a slowdown in momentum after robust gains in July and August. This deceleration is attributed to a weak labor market and rising living costs, which disproportionately affect middle- and lower-income households. Data from Western Asset's Q3 2025 consumer report card highlights that real income growth for lower-income groups has stagnated, , bolstered by a stock market rally.

The divergence in spending power is further underscored by McKinsey's analysis, which notes that lower-income borrowers are leading the deterioration in serious delinquencies across consumer products, despite overall credit performance remaining stable. Meanwhile, higher-income households continue to drive demand in sectors like luxury goods and technology, masking broader fragility in the consumer base.

Labor Market: A Deteriorating Foundation

The labor market, a critical underpinning of consumer resilience, has shown signs of strain. , , according to Western Asset's analysis. A "no-hire/no-fire" environment, as described by JPMorgan analysts, reflects stalled payroll growth and a lack of confidence in long-term economic stability.

This fragility is compounded by a slowdown in immigration and government hiring, which are expected to weigh on aggregate demand. Despite these challenges, consumer confidence remains near year-to-date lows, with the University of Michigan and Conference Board indices signaling heightened uncertainty around tariffs and inflation. The Federal Reserve's September 2025 rate cut, aimed at cushioning the labor market, underscores the central bank's pivot from inflation to employment concerns.

Equity Valuations: Optimism vs. Realities

The S&P 500 and Nasdaq reached record highs in Q3 2025, driven by strong corporate earnings and AI infrastructure spending. However, equity valuations remain elevated, according to Interchange CP analysis. This disconnect between valuations and macroeconomic fundamentals raises concerns about sustainability.

Moss Adams' Q3 market review attributes the optimism to AI-driven growth and dovish monetary policy, but analysts caution that a weakening labor market or additional tariff pressures could erode consumer spending and, by extension, corporate earnings. The concentration of growth in high-income households and tech sectors further amplifies risks, as these segments are less representative of the broader economy.

The Delicate Balance: Can Growth Hold?

The interplay between consumer resilience and equity valuations hinges on the labor market's trajectory. While the Fed's rate cuts have provided short-term relief, structural issues-such as income inequality and a slowdown in immigration-pose long-term challenges. Deloitte's economic forecast notes , , as tariffs and migration trends dampen purchasing power.

For equity valuations to remain sustainable, corporate earnings must continue to outpace macroeconomic headwinds. However, warn that a prolonged labor market slowdown could undermine consumer demand, particularly in discretionary sectors. The reliance on AI-driven growth also introduces volatility, as data center capacity constraints and regulatory scrutiny could temper long-term optimism.

Conclusion: Navigating the Risks

The U.S. consumer's resilience in Q3 2025 is a testament to the adaptability of high-income households and the allure of AI-driven growth. Yet, the fragility of the labor market and elevated equity valuations create a precarious equilibrium. Investors must weigh the short-term benefits of rate cuts and sector-specific optimism against the long-term risks of income inequality, tariff pressures, and a slowing labor market. As the Fed's policy trajectory remains uncertain, a cautious approach-prioritizing diversification and sector-specific analysis-will be critical in navigating this delicate balance.