While manufacturing has become feeble, strong wage and employment benefits are providing aid for expansion in buying power.
In December, consumer confidence dipped abruptly to 126.5 from 126.8 in November.
Another element which helps keep the growth is more easy monetary policy, according to the report.
Any advancement in the trade warfare will boost expansion and ship markets the report found.
(Manufacturing and export action, however, make up just 12 percent of GDP).
The alterations to policy can help insulate the economy according to Spence.