US economy eyes strong finish ahead of heightened policy uncertainty in 2025

Quick Summary:

A jump in the unemployment rate to 4.3 per cent in July from 3.7 per cent at the start of the year saw the US central bank launching its policy easing cycle with an unusually large half-percentage-point interest rate cut in September.

Other data on Dec 19 showed the economy grew faster than previously estimated in the third quarter, driven by robust consumer spending.

Fed Chair Jerome Powell told reporters on Dec 18 that the “downside risks of the labour market do appear to have diminished,” adding that “the US economy has just been remarkable, I feel very good about where the economy is.“The economy is set to end 2024 on a solid note, which is fortunate since we’ll have to contend with heightened policy uncertainty and possibly greater challenges in 2025,” said financial markets economist Oren Klachkin at Nationwide.

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Article Details

Category: EconomyBusiness

Markets: Singapore

Topics: Economy Quarter Week Rate Estimated Pace Cent Market Labour Increased Spending

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-20 @ 07:35:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: straitstimes.com

Language: English

Article Length: 1134 words

Reading Time: 7 minutes read

Sentences: 51 lines

Sentence Length: 23 words per sentence (average)

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Copyright Owner: © The Straits Times

News ID: 24561746

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