Saturday, 30 October 2010

US economy grows, eurozone inflation and unemployment rise

The US economy continued its slow recovery in the third quarter. Bloomberg reports:

The U.S. economy expanded at a 2 percent annual rate in the third quarter and inflation cooled, underscoring the views of Federal Reserve policy makers who say more stimulus will be needed to spur growth.

The increase in gross domestic product matched the median forecast of economists surveyed by Bloomberg News and followed a 1.7 percent second-quarter gain, Commerce Department figures showed today in Washington...

The Institute for Supply Management-Chicago Inc. said its business barometer rose to 60.6 this month from 60.4 in September. Figures greater than 50 signal expansion. The Thomson Reuters/University of Michigan final index of consumer sentiment fell to 67.7 from 68.2 last month.

In the euro area, both inflation and unemployment have risen. Again from Bloomberg:

European inflation unexpectedly accelerated to the fastest in almost two years and unemployment was at a 12-year high as the recovery showed signs of losing momentum.

Euro-area consumer prices rose 1.9 percent in October from a year earlier after increasing 1.8 percent in September, the European Union statistics office in Luxembourg said today. That’s the fastest since November 2008 and above the 1.8 percent forecast by economists in a Bloomberg survey. The jobless rate was 10.1 percent in September, the highest since July 1998, a separate report showed.

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