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weatheriscool wrote: ↑Fri Feb 02, 2024 5:45 pm Labor market grew 353,000 in January, a surprisingly strong pickup
The U.S. economy added 353,000 jobs in January, a shockingly strong pick up, even as higher interest rates continue to ripple through the economy.
No Paywall https://wapo.st/3SGcj6g
Read more: https://apnews.com/article/federal-rese ... 759fa512b4WASHINGTON (AP) — Chair Jerome Powell said in an interview broadcast Sunday night that the Federal Reserve remains on track to cut interest rates three times this year, a move that’s expected to begin as early as May.
Powell, in an interview recorded Thursday for the CBS news program “60 Minutes,” also said the nation’s job market and economy are strong, with no sign of a recession on the horizon.
“I do think the economy is in a good place,” he said, “and there’s every reason to think it can get better.”
Powell’s comments largely echoed remarks he gave at a news conference Wednesday, after the Fed decided to keep its key interest rate steady at about 5.4%, a 22-year high. To fight inflation, the Fed raised its benchmark rate 11 times beginning in March 2022, causing loans for consumers and businesses to become much more expensive.
With 3.53% YoY growth, World GDP will get twice as big as today in 20 years. With 4.8% YoY growth (more probable), it will get 2x big in just 15 years. This won't be a revolution, but a gradual change in overall development.weatheriscool wrote: ↑Fri Feb 02, 2024 5:45 pm Labor market grew 353,000 in January, a surprisingly strong pickup
The U.S. economy added 353,000 jobs in January, a shockingly strong pick up, even as higher interest rates continue to ripple through the economy.
No Paywall https://wapo.st/3SGcj6g
Read more: https://www.cnbc.com/2024/02/29/pce-inf ... 2023-.html
Inflation rose in line with expectations in January, according to an important gauge the Federal Reserve uses as it deliberates cutting interest rates.
The personal consumption expenditures price index excluding food and energy costs increased 0.4% for the month and 2.8% from a year ago, as expected according to the Dow Jones consensus estimate.
Headline PCE, including the volatile food and energy categories, increased 0.3% monthly and 2.4% on a 12-month basis, compared to respective estimates for 0.3% and 2.4%.
The moves came amid an unexpected jump in personal income, which rose 1%, well above the forecast for 0.3%. Spending decreased 0.1% vs. the estimate for a 0.2% gain.
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