Economic Monitor
OBR PRESENTS GLOOMY PROJECTIONS FOR THE UK ECONOMY
The US is growing steadily, though it is seen by some as subpar. GDP increased by 3% in Q3, quarter on quarter, from 3.1% growth in Q2, with consumption, investment and net trade increasing. Unemployment was at a 17-year record low levels of 4.1% in October. Wages increased 2.4% year on year, from 2.8% the previous month, and inflation is tamed at 2%. The sluggish wage data, and the implied slack in the labour market, did not seem to shake the Federal Reserve which commented on the strength of the labour market and, hence, signalled, that the economy should brace for another rate hike in December, the third this year; currently, the federal funds rate stands at 1.25%.
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