On Wednesday, the 13th of November 2019, data released from US Labour Department had offset some of the recession-related concerns, as US consumer prices soared by the most in seven months in October, which subsided some fears of a looming recession as beforementioned and supported Federal Reserve’s latest sign not to slashing interest rate in a near-term outlook.
On top of that, according to the US Labour Department’s data revealed on Wednesday (November 13th), healthcare costs in the United States had surged by the most in more than 36 months, while entertainment costs space-dived to a level which had never been seen since early 1996, nonetheless, a lag in rents had been pointing towards that US inflation would more likely to remain under steep containment, analysts suggested.
Aside from that, Wednesday’s (November 13th) US Labour Department data had also revealed that the nation’s consumer price index was soared 0.4 per cent on October as US nationals had paid off more for foods, energies, entertainments and others, remarking the United States’ largest CPI (Consumer Price Index) gain in seven months as beforementioned following an unchanged figure in September.
Meanwhile, adding that the US economy was growing at a moderate pace, a chief economist at Naroff Economic Advisors in Holland, Pennsylvania, Joel Naroff said following release of Wednesday’s (November 13th) US data, “There is little reason for the Fed to cut rates again anytime soon.
Inflation is not trending downward, the economy is just where so many of us thought it always was ... that is, modest to moderate growth. ”