ECONOMY

US ECONOMIC GROWTH ACCELERATED TO STRONG 4.9% RATE LAST QUARTER AS CONSUMERS SHRUGGED OFF FED HIKES

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Photo Credit: David Zalubowski

The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace.

The Commerce Department said the economy expanded last quarter at the fastest pace in nearly two years — and more than twice the 2.1% annual rate of the previous quarter.

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APPLICATIONS FOR US JOBLESS BENEFITS FALL TO LOWEST LEVEL IN MORE THAN 8 MONTHS

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Photo Credit: /Nam Y. Huh

Applications for U.S. unemployment benefits fell to their lowest level in eight months last week as businesses continue to retain workers despite elevated interest rates meant to cool the economy and labor market.

Jobless claim applications fell by 13,000 to 198,000 for the week ending Oct. 14, the Labor Department reported Thursday. That's the fewest since January and about 14,000 fewer than analysts expected.

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IMF OUTLOOK WORSENS FOR A WORLD ECONOMY LEFT 'LIMPING' BY SHOCKS LIKE RUSSIA'S WAR

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Photo Credit: Mosa'ab Elshamy

The world economy has lost momentum from the impact of higher interest rates, the invasion of Ukraine and widening geopolitical rifts, and it now faces new uncertainty from the war between Israel and Hamas militants, International Monetary Fund warned Tuesday.

The IMF said it expects global economic growth to slow to 2.9% in 2024 from an expected 3% this year. The forecast for next year is down a notch from the 3% it predicted back in July.

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FED’S POWELL GETS AN EARFUL ABOUT INFLATION AND INTEREST RATES FROM SMALL BUSINESSES

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Photo Credit: Chris Rugebar

Federal Reserve officials typically gather many of their insights and observations about the economy from some of the top Ph.D. economists in Washington.

On a visit Monday to York, Pennsylvania, Chair Jerome Powell got an earful from a group with a decidedly different perspective: Small-business people who are grappling personally with inflation, high interest rates, labor shortages and other challenges of the post-pandemic economy.

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US EMPLOYERS ADDED A SOLID 187,000 JOBS IN AUGUST IN SIGN OF A STILL-RESILIENT LABOR MARKET

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Photo Credit: AP

America’s employers added 187,000 jobs in August, evidence of a slowing but still-resilient labor market despite the high interest rates the Federal Reserve has imposed.

Last month’s job growth marked an increase from July’s revised gain of 157,000 but still pointed to a moderating pace of hiring compared with the sizzling gains of last year and earlier this year. From June through August, the economy added 449,000 jobs, the lowest three-month total in three years. In addition, the government revised down the gains for June and July by a combined 110,000.

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