Jobs growth figure higher than expected and predicted for job growth in the third quarter.
On Thursday, the Federal Reserve announced that it expected the U.S. economy to grow 2.2 percent in the third quarter, a slightly revised 0.3 percentage points higher than the final reported estimate of 1.7 percent. On Wednesday, the Fed cut its forecast for its benchmark interest rate to 1.75 percent, down from 2.0 percent.
The Federal Reserve Bank of New York said Wednesday that jobs were projected t바카라사이트o expand by a 0.3 percentage point pace in July as a rise in exports and a decrease in housing activity boosted demand for U.S. goods.
The New York Fed said the rise in exports was driven by a sharp rise in the number of export sales between August and November of last year. This is «significantly offsetting declines in domestic activity» and a fall in the supply of goods and services produced domestically.
The U.S. economy added 3.4 million jobs in July, the Federal Reserve said Thursday. That was the second monthly gain in the past four months, but still below projections in a Bloomberg survey of economists. The Fed also revised its July job gain estimates by 0.2 percentage points, to 3.4 million from 3.8 million.
While the new data is largely positive, the Federal Reserve and labor economists continue to weigh in on the longer-term outlook.
«We remain in a state of heightened uncertainty about the long-term path of the labor market and we will use our communication in June to update this review and lay out our new thinking,» Federal Reserve Chair Janet Yellen said in a statement.
Markets were largely bullish when Fed chief Janet Yellen took to the stage on Wednesday to detail the progress of the central ban더킹카지노k’s economic stimulus. But they quickly came to a halt after the jarvees.comFed lowered its forecast for job growth in the third quarter.
The Fed lowered its forecast for the third quarter from 1.7 percent to 1.5 percent. That brought the unemployment rate to 4.8 percent, which the central bank says will remain above 4 percent until the economy begins to recover in the second quarter of next year.
In March, Fed officials agreed to a lower set of rates that they say will help stimulate the labor market. That move came in advance of the Fed’s June jobs report, which suggested the unemployment rate could be below 4 percent by the end of the year.
While the economy is still showing signs o