US Economy Is Slowing But Solid in Final Run-Up to Election
- Growth is strong, supported by resilient consumer spending
- On flip side, job market is cooling and wealth gains not equal
Hiring over the previous two months was weaker than previously thought, indicating the labor market is still softening beyond the temporary factors.
Photographer: Chris Ratcliffe/BloombergThis article is for subscribers only.
On the eve of the US presidential election, a snapshot of recent data shows the winner will inherit an economy that’s humming, powered by American consumers who continue to spend despite years of high prices and interest rates.
The economy expanded at a robust pace in the third quarter, continuing several years of solid growth, and the unemployment rate has remained low. That’s a far cry from the recession economists had long expected.