US economy to strengthen in near term: Federal Reserve
November 23rd, 2011 - 1:35 pm ICT by IANSWashington, Nov 23 (IANS) The near-term projection for the pace of growth of the US economy was revised up due to the recent positive data on consumer spending and business outlays, but a host of medium-term challenges remained in place, the Federal Reserve said Tuesday.
However, other important near-term indicators of economic activity including consumer confidence and conditions in the labour market remained downbeat, the central bank said in minutes released Tuesday of a Federal Open Market Committee (FOMC) meeting held early this month.
“Moreover, many of the factors that have been restraining the recovery, such as the large overhang of vacant houses, tight credit conditions, and elevated risk premiums, remained in place,” noted the minutes.
The Fed said its high-profile officials’ outlook for US economic activity over the medium term was similar to the projection made months ago, reported Xinhua.
The US economic growth rate was downwardly revised to an annual rate of 2 percent in the third quarter of this year from the previous estimate of 2.5 percent, but was an acceleration from 1.3 percent in the second quarter, the Commerce Department reported Tuesday.
- US labour market, economy remain weak: Fed - Aug 31, 2011
- US forecasts slow economic growth in coming quarters - Feb 16, 2012
- US Fed hints at new steps to boost recovery - Apr 26, 2012
- US Fed to keep interest rates low - Jan 26, 2012
- Inflation data key to rate cut: Australian central bank - Oct 18, 2011
- India's fiscal deficit projected to fall - Jan 24, 2012
- US economy slows in first quarter - Apr 29, 2011
- Reformist Indian budget has a bit for all - households to corporates (Roundup) - Feb 28, 2011
- Price stability needed to sustain growth: Pranab - Jun 16, 2011
- Moody's raises India's local currency debt rating - Dec 21, 2011
- Indian economy may grow 9-10 percent in medium-term - Oct 18, 2011
- US Q3 growth revised downward - Nov 23, 2011
- India's central bank infuses more money into system (Lead) - Jan 24, 2012
- US boosts second-quarter growth estimate to 1.3 percent - Sep 30, 2011
- Infosys beats guidance, revises outlook again - Oct 12, 2011
Tags: acceleration, commerce department, consumer confidence, consumer spending, economic activity, economic growth rate, federal open market committee, federal reserve, fomc meeting, high profile, labour market, open market committee, outlays, overhang, risk premiums, term challenges, term indicators, tight credit, vacant houses, xinhua