Consumer spending accounts for 2/3rds of US economic activity? is in the habit of throwing out wild phrases like "Sentiment indexes have traditionally been seen as a gauge of U.S. consumer spending, which accounts for roughly two-thirds of overall economic activity." Sometimes, they have been known to not check their facts so well.

I suppose they are talking about the difference between business spending and consumer spending. And maybe government spending? It doesn't seem correct to me, though. Perhaps if you're just counting goods purchased and not services. For example, large corporations spend enormous amounts of money on lawyers, where normal people do not.

When I have some time, I'm going to see if I can track down where they are getting their figures.