As we approach the Federal Reserve meeting to discuss interest rate cuts, there are several key reports shedding light on the state of the US economy. Despite a slight hiccup in job growth due to factors like hurricanes and work stoppages, the underlying resilience of the economy shines through.
The upcoming employment report is expected to show a moderate increase in payrolls, reflecting temporary disturbances in the labor market. However, economists believe that these factors will not sway Fed policymakers from lowering rates by a quarter percentage point at the upcoming meeting.
In addition to job growth, other indicators like the personal consumption expenditures price index, consumer spending, and personal income are showing signs of strength. These positive trends point to momentum in the largest sector of the economy.
Looking ahead, the government will release its first estimate of third-quarter gross domestic product, expected to show a solid 3% annualized growth rate. This growth is fueled by robust consumer spending and increased business outlays for equipment.
Internationally, Canada’s GDP data will indicate if the economy is on track to meet growth forecasts, while the Bank of Canada revisits its recent rate cuts. In Europe and Asia, key economic indicators like inflation, growth numbers, and interest rate decisions will shape market expectations.
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