The US economy is a global standout at the moment, showing none of the signs of trouble that have preceded other recessions, at least not yet, Federal Reserve chief Jerome Powell said Thursday.[WASHINGTON] The US economy is a global standout at the moment, showing none of the signs of trouble that have preceded other recessions, at least not yet, Federal Reserve chief Jerome Powell said Thursday.
On a day when Germany and China each reported growth in the latest quarter of just 0.1 per cent, Mr Powell said,"the US economy is the star economy these days" with growth of about two per cent. And"there is no reason to think that cannot continue," he told the House Budget Committee, quickly adding that he was worried about"jinxing" the outlook.
In the final day of back-to-back appearances before Congress, Mr Powell noted that while US manufacturing is in recession - partly due to lingering trade tensions - the consumer remains strong.Consumer spending makes up 70 per cent of the US economy and that has remained healthy, as wages have risen modestly and unemployment is at 50-year lows, bringing more Americans into the labor market, he said.
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