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U.S. Economy Picks Up Speed, Defying Fed Attempts To Cool Inflation and Growth
mystery-ak:
U.S. Economy Picks Up Speed, Defying Fed Attempts To Cool Inflation and Growth
John Carney 23 May 2024
The U.S. economy got a major boost in May, according to the latest S&P surveys. Businesses are feeling good about the future, even with inflation still causing headaches.
The S&P flash U.S. services index, which is based on a survey of purchasing managers’ at U.S. businesses, shot up to a 12-month high of 54.8 in May from 51.3 in April. These are the folks buying supplies for their companies, so this is a big deal.
Not to be outdone, the flash U.S. manufacturing PMI climbed to 50.9 in May from 50.0. Anything above 50 means growth, so it looks like things are picking up.
“The US economic upturn has accelerated again after two months of slower growth, with the early PMI data signalling the fastest expansion for just over two years in May,” said S&P Global’s top economist, Chris Williamson.
New orders bounced back in May after dipping in April, a first since the end of last year. But when it comes to jobs, it’s a mixed bag. Manufacturers are hiring, but the service sector is shedding jobs largely because a tight labor market is making hiring difficult.
Raw material costs shot up in May, keeping inflation high. Businesses are trying to pass these costs onto customers, meaning higher prices for everyone.
https://www.breitbart.com/economy/2024/05/23/u-s-economy-picks-up-speed-in-may-despite-inflation-woes/
Wingnut:
Buying on credit can only work if you can print your own money, like our governmnt does. For the rest of us we will be living in a van down by the river.
DefiantMassRINO:
////00000////
Correction ... an eletric bio-degradeable van down by the undammed river.
LMAO:
Despite peoples concerns about the economy, most Americans rate their own finances as doing OK
People are still spending money and going to restaurants. The stock markets doing pretty well. There’s no gas lines or gas rationing like there was in the 1970s
Despite his cognitive decline, Biden’s chances of getting reelected are pretty good
Smokin Joe:
--- Quote from: LMAO on May 23, 2024, 06:23:06 pm ---Despite peoples concerns about the economy, most Americans rate their own finances as doing OK
People are still spending money and going to restaurants. The stock markets doing pretty well. There’s no gas lines or gas rationing like there was in the 1970s
Despite his cognitive decline, Biden’s chances of getting reelected are pretty good
--- End quote ---
There are no gas lines or rationing because we have gas. It's still expensive.
Stock markets are going up on inflated prices.
I'm down to about once a month on restaurants. It's cheaper to eat at home.
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