U.S. economy expands modestly from October to mid-November: Fed

U.S. economy expands modestly from October to mid-November: Fed


In its latest report, the U.S. central bank
said the economy has grown modestly from October to November. And on Wednesday, the U.S. Commerce Department
also revised *upward its GDP growth rate for the third quarter. Yoon Jung-min reports. The U.S. Federal Reserve says the U.S. local
economy has expanded modestly from October to mid-November with a positive outlook for
growth and a solid labor market. In its latest Beige Book report, the Fed said
the outlook generally remained positive with the current pace of growth expected to continue
next year. Despite a rather mixed bag for the manufacturing
sector,… the bank said the job market remained stable overall,… citing relatively strong
job gains in professional and technical services as well as in health care. It said, however, the on-going trade spat
between the U.S. and China has dragged down growth,… affecting manufacturers and business
investment. On Wednesday, the U.S. Commerce Department
revised upward the U.S. third quarter growth to 2-point-1 percent from the previous forecast
of 1-point-9 percent. The revised GDP growth reflected more inventory
accumulation and a less steep decline in business investment than expected. Consumer spending,… which accounts for more
than two-thirds of U.S. economic activity, showed some moderate growth. On the back of improved economic figures and
high hopes for a U.S.-China trade deal, U.S. stocks continued to hit record highs. On Wednesday, the Dow Jones Industrial Average
was up zero-point-15 percent. The S&P 500 rose around zero-point-4 percent,…
while the NASDAQ went up more than zero-point-6 percent. Amid rising stocks, analysts, however, also
warned against having too high expectations for the Washington-Beijing trade deal. Yoon Jung-min, Arirang News.

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