HomeTop U.S. NewsLatest Data Expected to Show Continued U.S. Economic Strength

Latest Data Expected to Show Continued U.S. Economic Strength

An influx of incoming economic data is expected to show that the U.S. economy remains strong despite recession concerns. Considering that the economy grew at its fastest rate in the third quarter in nearly two years, this is posing a challenge for the Federal Reserve, which is debating further policy tightening in an effort to continue cooling inflation.

Upon surveying a panel of economists, Bloomberg found that the nation’s gross domestic product is projected to grow at 4.3% year-over-year. This would show that the U.S. remains economically strong while Europe and China continue to stagnate.

Personal consumption is expected to grow at a 4% rate, showing consumer resilience despite two years of high interest rates in the face of persistent inflation. Such promising economic data does look likely to convince the Fed to extend its tight fiscal policy, Fed Chair Jerome Powell admitted.

“Additional evidence of persistently above-trend growth, or that tightness in the labor market is no longer easing, could put further progress on inflation at risk and could warrant further tightening of monetary policy, Powell explained.

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