US economic growth picked up slightly in the third quarter

                                                                                    INQUIRY

      Data released on Wednesday showed moderate economic growth, as well as a drop in initial claims for unemployment benefits in the US last week, after a two-week high of five months. A strong labour market should continue to support consumer spending, which now appears to be slowing.
Overall, Wednesday's data, along with other recent data, paint a more optimistic picture of the U.S. economy. The U.S. economy is now in its 11th record year of expansion, but it has to overcome president Trump's slowdown in the U.S. - China trade war, as well as the impact of the weakening stimulus effect of Republican tax cuts last year. Economists have also raised their expectations for economic growth in the fourth quarter.
The rise in the data seems to confirm the optimism laid down earlier this week by Federal Reserve Chairman Powell, who said on Monday that "in the long run of expansion, I think there are now many more glasses than half full."
The Fed cut interest rates for the third time this year in October and hinted that the easing cycle, which began in July, would be suspended for a while, when it cut borrowing costs for the first time since 2008.
From October to mid November, the U.S. economy expanded moderately, the Federal Reserve said in its beige book on Wednesday.


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