Powell Suggests Federal Reserve Interest Rate Rise Easing in December
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This is despite his view that there is still a long way to go to tame inflation and restore price stability. Following the speech, the stock market reaction has been predictably positive, with the S&P 500 closing with an increase at just over 3% with a value of 4080.11.The latest revised data released by the Bureau of Economic Analysis revealed that GDP in the United States has increased by an annual rate of 2.9% for the third quarter, further staving off recession fears.
Consumer spending on health care and “other” services also spearheaded the GDP rise, but this was partly offset by a fall in outlays on goods, in particular motor vehicles and food and beverages. Interest rate-sensitive sectors such as manufacturing and construction saw the number of jobs generated fall by 100,000 and 2,000 respectively.
While the Bureau of Labor Statistics confirmed that there had been a decline in vacancies in October, falling by 353,000 positions down to 10.3 million.
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