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America's employers added a stunning 517,000 jobs in January, a surprisingly strong gain in the face of the Federal Reserve's aggressive drive to slow growth and tame inflation with higher interest rates.
The IMF, a 190-country lending organization, foresees inflation easing this year, a result of aggressive interest rate hikes by the Federal Reserve and other major central banks.
"The news couldn’t have been any better,” President Joe Biden said of Thursday's GDP report.
The U.S. economy expanded at a 2.9% annual pace from October through December, ending 2022 with momentum despite the pressure of high interest rates and widespread fears of a looming recession.
A measure of inflation closely watched by the Federal Reserve slowed last month, another sign that a long surge in consumer prices seems to be easing.
Shrugging off rampant inflation and rising interest rates, the U.S. economy grew at an unexpectedly strong 3.2 percent annual pace from July through September, the government reported Thursday in a healthy upgrade from its earlier estimate of third-quarter growth.
On Thursday, stock investors were spooked by the growing understanding of how much further the Fed seems willing to go to defeat high inflation.
Last quarter’s rise in the U.S. gross domestic product, or the economy’s total output of goods and services, followed two straight quarters of contraction…
The number of Americans applying for unemployment benefits rose to the highest level since August but still remained low by historic standards.
Price increases moderated in the United States last month in the latest sign that the inflation pressures that have gripped the nation might be easing as the economy slows and consumers grow more cautious.
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