November 30, 2022
Key Gauges of US Economy Paint Mixed Third-Quarter Picture
The government’s primary measures of US third-quarter economic activity painted a mixed picture of the economy’s momentum after a lackluster first half of the year.
Inflation-adjusted gross domestic product, or the total value of all goods and services produced in the economy, increased at a 2.9% annualized rate during the period, Commerce Department data showed Wednesday. That reflected upward revisions to consumer and business spending, and compares with a previously reported 2.6% advance.
Euro-Zone Inflation Finally Slows in Sign of Hope for ECB
Euro-zone inflation slowed for the first time in 1 1/2 years, offering a glimmer of hope to the European Central Bank in its struggle to quell the worst consumer-price shock in a generation.
The reading for November was 10%, Eurostat said Wednesday, less than the 10.4% median estimate of economists surveyed by Bloomberg. The drop, from 10.6% in October, was the biggest since 2020 and was thanks to slower advances in energy and services costs, even as food prices grew more quickly.
India’s Growth Slows as Manufacturing Slumps, Spending Cools
India’s economy grew at a slower pace last quarter as inflation remained high and rising interest rates tempered demand in Asia’s third-largest economy.
Gross domestic product grew 6.3% in the July to September period compared to a year ago, according to data released by India’s statistics ministry on Wednesday. That’s a drop from the 13.5% growth in the preceding quarter and compares with a median forecast of 6.2% in a Bloomberg survey.
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