A resilient job market helped boost consumer spending, holding off the prospect of a recession. Read more at straitstimes.com.
WASHINGTON – The US economy heated up in the third quarter, government data showed on Thursday, as a resilient job market helped boost consumer spending, holding off the prospect of a recession.
A key factor is the strong labour market, which has provided healthy wage growth, allowing consumers to keep spending even as they draw down on Covid-19 pandemic-era savings. The pick-up reflects “accelerations in consumer spending, private inventory investment, and federal government spending” among other factors, said the Commerce Department.
But if the trend persists, it could lead policymakers to consider further interest rate hikes to rein in price increases in a sustainable way. Mr Daco told AFP: “While these signs of economic strength will fuel speculations that the economy is reaccelerating, we do not expect such strong momentum will be sustained.”Nationwide chief economist Kathy Bostjancic said she expects that consumers are spending the “last portion of pandemic-related savings”, and said she expects growth will slow in the fourth quarter.
Looking ahead, the durability of economic momentum in the fourth quarter will help Federal Reserve officials determine whether to raise interest rates again.
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