The US economy expanded by 2.5 percent in the 3rd quarter beating expectations and surpassing the 2 percent increase recorded in the 2nd quarter. Despite three straight quarters of growth however, no appreciable improvement has come to the beleaguered employment market as companies remain reticent to engage in wide-spread hiring.
“This is still, by the standards of history, only a half- speed expansion,” said Avery Shenfeld, chief economist at CIBC World Markets in Toronto. Inflation “is very tame and 2.5 percent growth is not fast enough to put Americans back to work by any extent.”
Source: Bloomberg