U.S. economic growth picked up slightly in the third quarter, rather than slowin...
WASHINGTON - U.S. economic growth picked up slightly in the third quarter, rather than slowing as initially reported, and there are signs the downturn in business investment may be drawing to a close.
The upswing in the data would appear to validate the optimistic tone struck earlier this week by Federal Reserve Chair Jerome Powell, who said “at this point in the long expansion, I see the glass as much more than half full.” Second-quarter GDI growth was revised down by 0.9 percentage point, with growth in wages and sales during that period slashed by $46.7 billion to $62.1 billion.
The Fed’s preferred inflation measure, the core personal consumption expenditures price index excluding food and energy, increased 1.6% in the 12 months through October. The so-called core PCE price index rose 1.7% in September and has undershot its 2% target this year.
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