US consumer spending, inflation and the labor market all cooled in recent weeks, adding to evidence that the economy is slowing.
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The US economy grew at an even faster pace in the third quarter than originally estimated, reflecting upward revisions to business investment and government spending.
Stocks drifted sideways, with traders awaiting remarks from a slew of Federal Reserve speakers while wading through the latest readings on the economy.
The Federal Reserve’s preferred underlying inflation measure will be slower to recede, which should keep interest rates higher for longer, according to Bloomberg’s latest survey of economists.
Federal Reserve policymakers at their most recent meeting united around a strategy to “proceed carefully” on future interest-rate moves and base any further tightening on progress toward their inflation goal.
Minutes of the Oct. 31-Nov. 1 FOMC meeting will shed light on why the committee’s policy statement and Fed Chair Jerome Powell’s remarks were relatively dovish, despite strong economic data leading into the gathering.
The US is making “considerable progress” in bringing down inflation, which is especially notable given the labor market remains strong, Treasury Secretary Janet Yellen said Monday.
President Joe Biden signed a stopgap bill to extend government funding into early 2024, averting a government shutdown for now but kicking a politically-divisive debate over federal spending into a presidential election year.
Continuing applications for US unemployment benefits rose to the highest level in almost two years, underscoring the increasing challenges unemployed workers are facing in finding new jobs.
Prices paid to US producers unexpectedly declined in October by the most since April 2020, adding to evidence of abating inflationary pressures across the economy.